China to open up mining sector to foreign investment: Chinese officials
20 Oct 2009
According to a senior official at China's ministry of land and resources, China is ready to open its mining industry to overseas investments and hopes the gesture will be reciprocated by investors to allow Chinese investments.
Speaking at the China Mining Conference, vice minister Wang Min reiterated Chinese criticism of Anglo-Australian mining majors BHP Billiton and Rio Tinto regarding a proposed joint venture and disagreements over iron ore benchmark prices calling on other nations to create 'win-win' investment opportunities. He also called for pricing reform in the global mining sector.
Though Wang did not mention specific mining products, his comments came close to the concerns of Chinese steelmakers looking for deep cuts in term pricing from global iron ore miners.
A failed Chinese bid to acquire $19.5 billion of Rio Tinto's assets in June this year had triggered widespread misgivings in China about Australia's protectionist stance vis-à-vis major Chinese investments.
China has emerged as the largest buyer of iron ore in the world.
Meanwhile the state of South Australia (SA) has assured Chinese investors in the mining and energy sector that its doors would be open to investments. State mineral resources development minister Paul Holloway, delivering the opening address to the Australia-China Mining Investment Seminar in Beijing said South Australia was a secure destination that held great potential.
