China Shows Interest in Northern Territory's Resources
Thursday May 14, 2009
Some of China's largest privately-owned mineral companies have shown interest in doing business in the Northern Territory.
The Chinese companies, based in the city of Nanjing, could potentially become many millions of dollars of investment.
Four companies that has shown interest include East China Non-Ferrous Mineral Resources Company, Nanking Steel, Yeshan and Liyang.
East China Non-Ferrous Mineral Resources company has invested $32million in Northern Territory's Arafura Resources. Arafura operates rare earth projects bear Alice Springs.
Nanking Steel wishes to mine and import three million tonnes worth of iron ore from the Northern Territory, Liyang wants Northern Territory's sulphide ore and Yeshan has shown interest in polymetallic projects and base metals in the area.
Mines Minister Kon Vatskalis said because China's economy was still growing at 6 per cent per year, it was no surprise that it showed interest in Australia's resources.
"China has a population of 1.3 billion people," he told the Northern Territory News. "Many of those people don't have the basic things that we take for granted, such as fridges and cars.
"The Chinese government wants to provide those things and develop the country. For that to happen it needs the minerals to manufacture the goods."
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