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Thread: China slams Chinalco rejection
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[quote=MARRIE,370527]By China correspondent Stephen McDonell Posted Wed Jun 10, 2009 6:26am AEST Updated Wed Jun 10, 2009 10:01am AEST Increasingly strong criticism is coming from Australia's second-largest trading partner China to the merger of BHP Billiton and Rio Tinto and the subsequent rejection of a major Chinese investment. According to Beijing, the rejection of Chinalco's investment in Rio Tinto has "caused strong reactions" not only from China's iron and steel industry but also the general public in China. The Government comments followed a strongly worded attack from the Chinese Iron and Steel Association. Western Australian Premier Colin Barnett has the busy job of bridge building. He will be travelling to China next month to try and reassure investors there that his state is still open for Chinese investment. When Rio Tinto rejected a major investment from China's Chinalco late last week, in one sense, it let the Australian Government off the hook. It meant there would be no need for a decision as to whether this bid by a Chinese Government company to buy up a large chunk of a key mineral resource was in Australia's interests or not. But now a new headache has emerged for Rudd Government. That is how to smooth things over with a China that is clearly not happy with this result. If there was any doubt about this, it disappeared last night when Government spokesman Qin Gang explained Beijing's feelings on the matter at the Foreign Ministry press conference. "Chinalco and Rio Tinto had reached a cooperative agreement which had injected the vigour of economic cooperation between China and Australia," he said. [/quote]
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