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Article: Chinese Strike More Deals for Australian Resources
- Article from:
- Engineering and Mining Journal
- Article date:
- January 1, 2009
- Author:
CopyrightCopyright Mining Media, Inc. Jan/Feb 2009. Provided by ProQuest LLC. (Hide copyright information)
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In December 2008, China's Wuhan Iron & Steel Group (Wisco) and Shenzhen Zhongjin Lingnan Nonfemet Co. (Zhongjin) reached agreement with Australia's Centrex Metals and Perilya Ltd., respectively, to obtain substantial interests in those companies' resources. Wisco, China's third-largest steel producer, agreed to pay A$180 million for a half interest in a joint venture to develop Centrex's magnetite licenses on South Australia's Eyre peninsula and to take a 15% stake in the company for A$9.7 million. Zhongjin, China's third-largest zinc producer, agreed to pay A$45.5 million in cash to acquire a 50.1% in Perilya, which operates the historic Broken Hill zinc-lead mine at Broken Hill, New ...