Metals firm buys Aussie stake
By Pan Xiaoyi |
February 4, 2010, Thursday
|
Print Edition
Print Edition
CHINA Metallurgical Corp has agreed to buy US$200 million worth of shares in Australia's Resourcehouse as it eyes its rich resources in east Australia, including coal, iron ore and crude oil.
The Chinese company has signed an agreement to acquire no more than a 5 percent stake in the Queensland-based company, which is planning an initial public offering in Hong Kong, according to a statement China Metallurgical filed to the Shanghai Stock Exchange yesterday.
Under a separate deal with Resourcehouse's subsidiary China First Pty, China Metallurgical has gained management rights in a US$7 billion coal mining project and will earn a 4 percent commission on selling the 30 million tons of coal produced annually. The mining project owns more than 1 billion tons of coal reserves and could produce 40 million tons of high-quality thermal coal per year, China Metallurgical said in a statement on its Website.
The Chinese firm said the deal is "strategically vital" for the company to access the resources market in east Australia.
The stake investment is pending approval from Resourcehouse shareholders as well as authorities from both countries.
Resourcehouse possesses iron ore and crude mines as well as important ports and railways assets in northeast Australia. It has been approved to list in Hong Kong and plans to hold a road show in the first half.
Chinese companies have spent US$32 billion to acquire raw materials overseas as domestic demand for coal, metals and iron ore soared on the back of a booming economy, according to Bloomberg News.
The Chinese company has signed an agreement to acquire no more than a 5 percent stake in the Queensland-based company, which is planning an initial public offering in Hong Kong, according to a statement China Metallurgical filed to the Shanghai Stock Exchange yesterday.
Under a separate deal with Resourcehouse's subsidiary China First Pty, China Metallurgical has gained management rights in a US$7 billion coal mining project and will earn a 4 percent commission on selling the 30 million tons of coal produced annually. The mining project owns more than 1 billion tons of coal reserves and could produce 40 million tons of high-quality thermal coal per year, China Metallurgical said in a statement on its Website.
The Chinese firm said the deal is "strategically vital" for the company to access the resources market in east Australia.
The stake investment is pending approval from Resourcehouse shareholders as well as authorities from both countries.
Resourcehouse possesses iron ore and crude mines as well as important ports and railways assets in northeast Australia. It has been approved to list in Hong Kong and plans to hold a road show in the first half.
Chinese companies have spent US$32 billion to acquire raw materials overseas as domestic demand for coal, metals and iron ore soared on the back of a booming economy, according to Bloomberg News.
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