Mining milestones: China's growing investment in Australia

July 3, 2009 - The Perth-based Emergent Resources company announces plans to form a joint venture with China Metallurgical Investment and provide A$200 million ($159.3 million) to develop its Beyondie Iron project in Western Australia, Xinhua News Agency reports.

The mine, in the state's mid-west iron ore region, will initially target production of 3 million tonnes per year of magnetite concentrate.

The company has also agreed to grant about 8.6 million shares to China Metallurgical Investment at 45 cents each, together with a 1-for-2 option entitlement of about 4.3 million shares at 27 cents each, exercisable at 20 cents on or before September 30, 2010.

The placement will raise around A$ 4.9 million ($3.9 million) and provide working capital for the Beyondie Iron project.

May 1, 2009 - Chinese State-owned China Nonferrous Metal Mining Group (CNMC) agrees to a deal to take a majority stake in the Australian rare earth mining company, Lynas Corp Ltd, for A$252 million ($185.7 million). CNMC will buy 700 million new Lynas shares at 36 Australian cents each to gain a 51.66 percent stake, says Lynas.

Feb 24, 2009 - Chinese steel mill Hunan Valin Iron and Steel says it will pay A$1.2 billion for a 16.5 percent stake in Fortescue Metals Group (FMG.AX), Australia's third-largest iron ore miner. The deal makes Valin the mining company's second largest shareholder and entitles it to a seat on the Fortescue board.

Feb 12, 2009 - Chinese State-owned aluminum group Chinalco announces plans to invest $19.5 billion in the Rio Tinto mining company in a deal that will secure resource supplies for China and help cut Rio's debts, according to Rio.

Feb 5, 2009 - Shenzhen Zhongjin Lingnan Nonfemet announces it has gained a controlling stake in outback zinc miner Perilya, making it the latest Chinese firm to target Australian mining assets.

Zhongjin, then China's third-largest zinc producer, and Perilya say the approval by Australia's Foreign Investment Review Board will allow the Chinese group to proceed with its A$45.5-million offer to buy a 50.1 percent stake in Perilya, a medium-sized zinc and lead miner struggling with low metals prices and undergoing a major revamp to boost profitability.

Sept 22, 2008 - Australia gives approval for Chinese metals trader Sinosteel to buy up to a 49.9 percent stake in the iron ore prospector Murchison Metals Ltd. Sinosteel, China's largest ferrous metals trader, is required under Australian law to seek government permission for any stake in an Australian company of more than 15 percent.

Sept 16, 2008 - Chinese State-owned trading firm Sinosteel completes its acquisition of Australian iron ore prospector Midwest Corp, after US-based fund Harbinger Capital sells its 15.2 percent stake in Midwest. Harbinger, which had previously opposed the deal, sells its holding for A$6.38 a share, giving Sinosteel 98.5 percent control of Midwest.

March 31, 2008 - China's top nickel refiner, Jinchuan Group Ltd, secures government approval for its bid to take an 11 percent stake in the Australian nickel producer Fox Resources Ltd, Fox says. By agreeing to buy 18.8 million shares at a premium issue price of A$0.95, Jinchuan becomes Fox's largest shareholder.

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