Australians Opposed to Chinese Investment in Mining, Poll Says

Most Australians oppose Chinese investment in mining companies as the world¡¯s biggest shipper of coal and iron ore mulls Aluminium Corp of China¡¯s $19.5 billion investment in Rio Tinto Group.

Some 57 percent of people polled said Chinese investment in mining companies should be resisted because the nation¡¯s interests would be ¡°better served¡± with Australian ownership, according to a poll of 890 people conducted by Essential Research between April 30 and March 5.

Twenty-five percent of people supported Chinese investment in resources because it would help the economy and protect jobs, according to the survey that had a margin of error of plus or minus three percentage points. Eighteen percent didn¡¯t know.

Australian Treasurer Wayne Swan on March 31 approved China¡¯s Hunan Valin Iron & Steel Group¡¯s A$1.3 billion ($933 million) investment in Fortescue Metals Group Ltd. China Minmetals Group the same day made a revised bid for OZ Minerals Ltd. after an initial offer was rejected because of security concerns. Swan is also mulling Chinalco¡¯s investment in Rio.

The investment in Rio, which has a third of its assets in Australia, is subject to an inquiry in the upper house Senate, where Prime Minister Kevin Rudd needs the support of seven opposition or minor party members to pass laws. Independent Senator Nick Xenophon and opposition National Party Senator Barnaby Joyce have appeared in national advertising campaigns opposing the bid.

The Foreign Investment Review Board has until mid-June to advise Swan on the Rio bid and the Senate inquiry is due to report on June 19.

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