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Chinese ore investment to go ahead

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The Australian Foreign Investment Review Board has cleared the way for a $271 million Chinese investment in mining on the Eyre Peninsula in South Australia. China's third-largest steel group, Wuhan Iron and Steel, is taking a 60 percent stake in Adelaide-based Centrex Metals' iron ore rights to five tenements on southern Eyre Peninsula. Wuhan will also emerge with a direct 13 percent stake in Centrex. Centrex Metals chairman David Lindh says it will position Centrex as a major player in the Australian iron ore industry as it grows into a billion-dollar business. The Port Lincoln Council are to vote on whether to seek a parliamentary enquiry into the approval process for ore exports through its port, however Centrex managing director Gerard Anderson thinks it is unwise. "When the fishing industry is facing the likelihood that people are going to be laid off, I would have thought the Port Lincoln Council would at this time be doing everything they could to try and attract new business to the area," he said.

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