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Article: Australian mining stocks plummet amid fears China's appetite for raw materials could dwindle
- Article from:
- AP Worldstream
- Article date:
- April 29, 2004
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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AP Worldstream
04-29-2004
Dateline: SYDNEY, Australia
Shares in Australian mining companies plunged Thursday amid fears that China's appetite for raw materials could dwindle as it moves to cool its economy.
Fund managers sold off mining shares fearing credit controls in China might curb its appetite for metals after Premier Wen Jiabao reportedly said his country was committed to ensuring its economy does not overheat.
China's booming economy is a major market for Australian mining companies.
Anglo-Australian mining giant BHP Billiton's shares plunged 42 Australian cents to A$11.50, Rio Tinto Ltd. lost A$1.13 to A$32.01 and WMC Resources lost 30 cents to A$4.63.
Intersuisse research analyst ...
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