0 CommentsPosted: Tuesday 15/09/2009 18:20 by: Paul H
With this years iron ore contract prices still up in the air, many Chinese steelmakers are taking a different approach, rather than wait on Rio Tinto, BHP Billiton & Vale to make an accord with the China Iron & Steel Association. The alternate route is to find small and medium-sized Australian miners for equity cooperation to enable them to avoid having much to do with the world's three monster iron ore providers. Business data provider Dealogic says that Chinese companies' planned & completed investment in Australian mining firms has reached $9.7 billion so far in 2009, about triple that in 2008, & the trend is gathering pace. Most small and medium-sized iron ore projects in Australia are open to foreign investment, and are now under increasing Chinese scrutiny. China's steel firms have technological advantages and attractive demand, but it is their solid finances that these mining companies find truly attractive. In early September, Baotou Iron & Steel (Baogang) set up a joint venture company with the Australian iron ore exploration company Centrex Metals (ASX:CXM) on the Bungalow Magnetite project, aiming to establish a project with an annual output of three million tons of fine ores. Baogang is required to invest AU$40 million, paid in three phases, and as a result, will gain a 50% stake in the project. Late August saw Australian miner Aquila Resources (ASX:AQA) signing a strategic cooperation agreement with China's largest steel group Baosteel to develop iron ore, coal and manganese projects. Baosteel will invest AU$285.6 million to obtain a direct 15% stake in Aquila through the placement of 43.95 million shares at AU$6.50 per share, making Baosteel its second largest shareholder. The deal marks Baosteel first direct investment in an Australian mining company.
0 CommentsPosted: Tuesday 15/09/2009 06:06 by: Staff Writer
Indian Basmati rice exporters are trying to fend off fresh threats to their business with Iran. The threats are being fuelled by media reports in Iran that the rice varieties, especially the Pusa 1121 variety, was genetically modified, chemically treated and harmful to health. The industry has breifed commerce secretary Rahul Khullar on the subject and urged government intervention at the appropriate level.
0 CommentsPosted: Saturday 18/07/2009 17:00 by: Paul H
The past week has seen the release of some figures on China’s economic performance that Macquarie Research describes as “stunning, underscoring the unmitigated success of its fiscal and monetary stimulus package.”
0 CommentsPosted: Monday 15/06/2009 15:11 by: Al
Li Yang, a former adviser to the People's Bank of China, the central bank, said he expected the world economy would need at least five years to fully get over the current recession.
0 CommentsPosted: Monday 04/05/2009 22:37 by: Paul H
Companhia Vale do Rio Doce (Vale) (RIO) has recently been climbing back from lows caused by the severe drop in demand for its principle feedstock, iron ore. However, there are signs that the Brazilian mining giant may be turning the corner, as the Baltic Dry Index (BDI) has begun to show some activity off the back of speculation that the steel industry is picking up, particularly in Asia.
0 CommentsPosted: Tuesday 10/03/2009 10:01 by: Paul H
With global copper prices sinking from a 2008 high of $4 per lb, down to today's miserly, $1.25 per lb, it is hardly surprising that the two major copper producing countries in South America are looking at ways to buoy up their operations. Last week, Peruvian president Alan Garcia dropped some strong hints that Peru and Chile should coordinate on copper production, in order to achieve greater control of prices on international markets.
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