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Coal acquisition example of China relations

Coal acquisition example of China relations article image
Minister for Resources and Energy Martin Ferguson has called the acquisition of Australian company Felix Resources by China's Yanzhou Coal Mining an example of Australia's healthy and mutually beneficial trading relationship with China. Ferguson marked the acquisition last week, speaking at a ceremony with Chinese Ambassador to Australia, Zhang Junsai, in attendance. "The Australian Government encourages foreign investment and welcomes proposals when they are in our national interest and when they bring about the development of Australia’s resources," he said. "The acquisition demonstrates Australia’s openness to foreign investment in our resources sector. Yanzhou Coal’s investment in Australia is a timely reminder of the growing strength and depth of the trade and investment relationship between Australia and China." Ferguson noted that China's importation of coal boosted the sector by 69 percent in the 2008/09 financial year. State-owned Yankuang Corporation, which owns 88 percent of Yanzhou, this week signed an agreement with West Australian Bauxite Resources to study construction of a $1.5 billion alumina refinery south of Perth.

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