Australian treasurer signs off on Chinese steel giant Sinosteel's Murchison stake
Posted by Editor on September 21, 2008 at 03:20 AM
AAP reports that, “[Australian] Federal Treasurer Wayne Swan today approved Chinese steel making giant Sinosteel Corporation’s application to acquire up to 49.9 per cent of West Australian iron ore miner Murchison Metals.”
Sinosteel buys Murchison's share of Midwest
Posted by Editor on September 11, 2008 at 10:19 AM
ABC News reports that, “Iron ore firm Murchison Metals has sold its 9 per cent stake in rival West Australian iron ore miner Midwest to China’s Sinosteel.”
Rio move just one in a bigger game
Posted by Editor on August 24, 2008 at 02:35 PM
The Australian writes that, “Chinese investment in Australian resources is like a political chess game, full of subtle moves and counter-moves for a long-term strategic play.”
Murchison's dangerous game with China
Posted by Editor on July 08, 2008 at 04:56 PM
The Australian writes that, “Murchison Metals is playing a dangerous game in threatening not to accept Sinosteel’s takeover bid for Midwest, now that the Chinese group is assured of moving to outright majority ownership and control of the iron ore hopeful.”
Sinosteel reported pursuing Australian iron ore miner Murchison, denies interest
Posted by Editor on June 26, 2008 at 12:12 AM
While Bloomberg reports that, “Sinosteel Corp., China’s second- largest iron ore trader, is seeking Australian approval to take a ‘substantial’ stake in Murchison Metals Ltd., which may allow it to control a A$3 billion ($2.9 billion) mining project,” Reuters reports that, “Chinese trader Sinosteel has made no approach to acquire Australian iron ore prospector Murchison Metals Ltd, a Sinosteel spokesman said on Thursday.”
Meanwhile, the Associated Press reports that the Australian government will decide within 90 days whether it approves of the takeover.
China's Sinosteel increases stake in Midwest to 43.6 percent
Posted by Editor on June 13, 2008 at 06:31 AM
Bloomberg reports that, “Sinosteel Corp., battling Murchison Metals Ltd. for control of Midwest Corp., increased its stake in the Australian iron ore producer to 43.6 percent, more than four times the size of its competitor’s holding.”
Australian iron ore machinations may prelude new bid from Sinosteel
Posted by Editor on May 28, 2008 at 09:16 AM
The International Business Times writes that, “A proposed $3.2 billion tie-up of two Australian iron ore miners raises the stakes for Chinese commodities trader Sinosteel, which covets both.”
On the issue of Chinese investment in Australia, the article quotes a Hong Kong-based investment banker as saying that, “At some point, you start to develop a level of discomfort. Given the amount of deals China has done into Australia, I think we’re getting there.”