China and Australia ink investment deals
June 28, 2010 Category Foreign investment, Weekly
China is keen to strike a free trade pact with Australia soon and opposes any return to protectionism by countries in response to the global economic crisis, Vice President Xi Jinping said in Canberra. Bilateral free trade talks started in 2005 and will enter a 15th round in Beijing this month. During Xi’s visit, 10 agreements were signed, most related to resources and energy. The deals included a facility agreement for USD1.2 billion between Karara Mining and the China Development Bank (CDB) to develop a port and rail infrastructure at Oakajee in Western Australia; a memorandum of understanding (MOU) between Aquila Resources and CDB to develop and expand Aquila’s coal and iron ore mining projects in Western Australia; and a cooperation agreement for China Gezhouba Group to provide procurement, engineering and design services to Fortescue Metals Group.
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