|
|
Article: China : China Chongqing Iron eyes Australia ore assets-media.
- Article from:
- TendersInfo
- Article date:
- September 26, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The state-owned parent of Chongqing Iron and Steel Co Ltd (1053.HK) (601005.SS), a medium-sized Chinese steelmaker, is in talks to acquire an Australian iron ore project, domestic media reported on Friday. The project had prospect reserves of 3 billion tonnes, the government-run Chongqing Evening News reported, citing company executives, without giving further details.
Chinese steel mills have been encouraged by Beijing to acquire overseas ore mining assets to reduce their reliance on major suppliers such as Brazil's Vale (VALE5.SA), Australia's Rio Tinto (RIO.AX)(RIO.L) and BHP Billiton (BHP.AX)(BLT.L).
However, Australia on ...