City Guide
Answers
Login
Home
/
Community
/
Forums
/ Post a Reply
Post a Reply
Thread: Australian military rejects China’s investment
Title:
(100 characters at most)
Content: ( 3,000 characters at most, please )
You can add emoticons below to your post by clicking them.
[quote=YVONNE,377136]On Thursday, Australian Defence Department opposed a proposed joint venture between Wugang Australia Resources, a wholly owned unit of Chinese state-owned Wuhan Iron and Steel. The Chinese miner Wugang offered a $400 million bid for a stake in an outback mining venture in Woomera where the Woomera test range is located. Australian military claimed that is was totally out of national security concern and it had nothing to do with the Rio Tinto case. Meanwhile, China Nonferrous Metal Mining (Group) Co Ltd(CNMC) has also terminated its bid for Lynas Corp, owner of the world's largest undeveloped deposit of rare earths, citing stiff conditions imposed by Australia's Foreign Investment Review Board(FIRB). The board had demanded CNMC to cut its ownership to below 50 percent and take a clear minority of board seats in Lynas. On May 1st, CNMC made a deal with Lynas Corp to buy out 51.66% of Lynas Corp’ share. Both decisions come at a time of strained bilateral diplomatic ties between China and Australia.[/quote]
characters left
Name:
Get a new code