This is very true.
Major Chinese Government investments in Australia
Chinalco spent $15.5 billion for 9% of Rio Tinto shares in London on February 3, 2008.
China Iron & Steel: The Rio Tinto-operated Channar iron-ore mine in the Pilbara has a capacity of 10mtpa and is 40% owned by China Iron and Steel, an investment worth well over $2 billion.
China Petrochemical Corporation: China's biggest energy distributor has secured 60% and control of the Puffin oil field in the Timor Sea from the struggling AED Oil in a deal that values the assets at $1 billion.
CNOOC: holds a 25% share in China LNG, a new joint venture within the existing $19 billion North West Shelf structure that diluted the other six joint venture parties down to 12.5% each.
Shanghai Baosteel Group: owns 46% of the Rio Tinto-operated Eastern Range iron ore mine in Pilbara which produces 6.5 million tonnes a year worth more than $500 million a year. Chinese investment now worth more than $1 billion.
CITIC: paid more than $400 for its 22.5% stake in the Portland Aluminium Smelter in the 1990s.
Shougang Corp: spent $400 million buying 20% of WA iron ore company Mt Gibson Iron in early 2008.
Sinosteel: owns more than 45% of WA iron ore hopeful Midwest Corp after board recommended a $1.37 billion bid priced at $6.37 a share. Has also bought a small stake in Murchison Metals, which is seeking a separate merger with Midwest, but is yet to receive approval to buy 100% of Murchison.
CITIC: spent $113m in July 2007 lifting stake in Macarthur Coal stake from 11.6% to 19.9% and is already showing a big profit as the stock continues to surge on takeover speculation.
Consortium: five Chinese companies were given FIRB approval in January 2008 to fund $3 billion Oakajee port and rail project in WA.
Chalco: in September 2007 Queensland government awards rights to develop $3 billion bauxite project near Aurukun, which Noel Pearson has claimed includes an unfair forced land grab.
Anshan Iron & Steel: paid $39 million in September 2007 for 13% of iron ore miner Gindalbie and signed $1.8 billion joint venture deal.
Shougang Corp: steel group spent $56 million in March 2007 buying 13% or iron ore developer Australian Resources and agreed to fund $US2.1 billion development of the Balmoral South project and associated port project in WA.
China Metallurgical Group: has committed to pay $400 million for the Cape Lambert Iron ore project in WA.
Resource Development International: Gold Coast-based Clive Palmer whose wealth is north of $1 billion, plans to raise $5 billion mainly through Chinese investors and float RDI by the end of the year.
Reference: http://www.maynereport.com/articles/2008/02/15-2200-9287.html
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