Chinese investment in Australian mining
The recent mining boom was marked by a striking increase of Chinese investment in Australian strategic mining assets and related projects, fuelled by the supply shortage of key raw materials including iron ore, coal and gold.
By Susan O’Rourke (Energy and Resources partner, Clayton Utz) & Caroline Martin (Lawyer)
Hallmark deals included CITIC Pacific's deal with Mineralogy to mine the Sino Iron Project, Sinosteel's takeover bid for Midwest and the Chinese investor backing of Yilgarn Infrastructure's Oakajee port and rail project tender bid.
Despite a brief period of fear that investment had ceased as a result of the global financial crisis, Chinese interest in Australian mining has resumed with increased fervour, and the recent OZ Minerals, Rio Tinto and Fortescue Metals deals indicate that Chinese state-owned enterprises (SOEs) are still a force to be reckoned with.
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