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Western Australia invites China to participate in iron ore projects
On Wednesday afternoon, Beijing time, Western Australia deprived the Mitsubishi joint venture of exclusive development rights on Wednesday and invited China to participate in a $4.94 billion port and rail construction project in the Midwest. These infrastructure projects aim to develop a new iron ore mine. Stone production base. The state government hopes to open this untapped land and make it the second largest iron ore base in Western Australia after Pilbara. Most of the iron ore produced in Western Australia will be shipped to China, which is the largest producer of steel (4224, -6.00, -0.14%). China also relies on Australian coke to produce steel. The Oakajee Port and Rail project is progressing very slowly, but the Western Australian government is annoyed because the project organizer Murchison Metals Ltd is willing to pay for its share of the investment. Murchison agreed this month to transfer 50% of the company's shares to Mitsubishi in Japan, so that Mitsubishi owns the company's entire shares. The West Australian government's deprivation of exclusive development rights on Wednesday has meant that it could choose other investors, including China, to recommend a deep-water port and a 570-kilometer-long railway line. Western Australian Governor Colin Barnett said in a statement that the government will continue to support the Oakajee project and that Mitsubishi’s efforts to find another collaborator are encouraging. But he said that more options can now be considered. “The government will continue to encourage China’s participation,†he said. “This is crucial for this project because Chinese companies are very interested in iron ore projects in the Midwest, and China is also the largest iron ore customer.†Oakajee Project Including a port with an annual throughput of 45 million tons near Geraldton and a railway with an annual power of 100 million tons, this project will increase Australia's exports to the water transport iron ore market by about 10%. Barnett said that although Chinese companies can directly invest in the Oakajee project, removing exclusive rights to Mitsubishi will still provide more opportunities for China's participation and help reduce project development costs. There are currently 14 iron ore projects in the Midwest, and China has a large stake in eight of them, including the iron ore project of Angang and Gindalbie Metals, and the Weld Range project of Sinosteel Midwest. Sinosteel is a subsidiary of China's state-owned Sinosteel Group. In addition, Mitsubishi's acquisition of Murchison was approved by the Overseas Investment Evaluation Board on Wednesday, and Murchison shareholders will vote on the transaction in February.