more chinese firms in the hunt for mines

Wuhan Iron & Steel Group and Jiangsu Shagang Group, China's third- and fifth-largest steelmakers, are shopping for iron ore mining stakes in Australia and Brazil, executives said in interviews.

``We are evaluating and selecting'' candidates in Australia and Brazil, said Shen Wenrong, Jiangsu-based Shagang's chairman. ``Going overseas is the government policy, so I believe we will get financing from Chinese banks.'' Wuhan spokesman Bai Fang said his company is ``looking for opportunities'' amid lower acquisition costs for iron ore assets in Australia and ``won't rule out other countries.''
http://business.watoday.com.au/business/more-chinese-firms-in-the-hunt-for-mines-20090218-8b4b.html?page=1