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Wednesday, 06 January 10
CHINA-AUSTRALIA INVESTMENT TIES SEEN IMPROVING IN 2010


Australia and China showed a united front in a bid to improve investment ties as they signed a $3-billion coal deal on Wednesday, following a rocky year in which Australia blocked a series of Chinese takeovers.

The purchase of Australia's Felix Resources by Yanzhou Coal Mining Co could open the door to more acquisitions, said Australia's resource minister and China's ambassador.

"Yanzhou's successful takeover marks a new start in cooperation between Australia and China," said China's ambassador to Australia, Zhang Junsai.

"China brings not only capabilities, jobs and opportunities, but also secure long-term market share," Zhang said.

The buyout was the biggest by a Chinese firm in Australian mining history and among the top 10 mergers and acquisition in Australia in 2009.

Bilateral and investment ties were hurt last year when Chinese companies were prevented from taking over Australian businesses, and by the Chinese detention of an executive from Australian mining firm Rio Tinto (RIO.AX) on commercial espionage charges. To read more Reuters



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Recent News

Monday, 04 January 10
TOKYO ELECTRIC SEALS XSTRATA COAL DEAL
Tokyo Electric Power Co has agreed to pay about $US85 a tonne for Australian thermal coal in 2010 from miner Xstrata, a source familiar with the pri ...


Monday, 04 January 10
IND-BARATH TO SHIFT PROJECT FROM AP TO TN
Hyderabad-based power producer Ind–Barath is planning to set up a power plant at Tuticorin, Tamil Nadu. The proposed project would attract inv ...


Sunday, 03 January 10
NEWCASTLE THERMAL COAL PRICES FALL IN FIRST DECLINE IN 3 WEEKS
Power-station coal prices at Australia’s Newcastle port, a benchmark for Asia, declined 1.5 percent, falling for the first time in three weeks ...


Sunday, 03 January 10
NTPC SEEKS REPORT ON TRANSPORTING COAL THROUGH WATERWAYS
State-run National Thermal Power Corporation (NTPC), the country’s largest power utility, has asked for a “holistic” feasibility r ...


Sunday, 03 January 10
BHP TO STAY IN MARUWAI AND TO KEEP 75 PERCENT OF THE STAKE
Despite recent statements that it would pull out completely from Indonesia, the world's largest mining company BHP Billiton has now admitted that i ...


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