Chinese language - Sino-Australian cooperation on energy resources in full swing

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Sino-Australian cooperation on energy resources in full swing

www.chinanews.cn 2005-02-18 12:57:56

Chinanews, Sydney, Feb. 17 (By LIU Yusheng) - Mr. Zhou Xiaoming, Consular
officer of the Economic and Commercial Affairs section at the Chinese
Consulate in Sydney, told the reporter today that Sino-Australian
cooperation on energy resources was in full swing, and changes that were
currently taking place in the form of cooperation between the two
countries were substantial and had long-term significance, including the
following:
(1) Long-term contracts are gradually replacing cash-for-goods trades to
become the main trading method. According to preliminary figures, China
and Australia have signed long-term supply contracts for over 1 billion
tons of iron ore and a considerable amount of nickel and copper ore
concentrate in 2004.
(2) Simple trading is gradually being supplanted by mutual shareholding
and joint exploitation. In 2004, China invested heavily in the mining
sector in Australia, including iron ore and nickel mines.
(3) Areas of mutual cooperation are expanding from mining (mainly iron
ore and alumina) to energy resources such as liquefied natural gas (LNG)
and coal. Following the first LNG contract that was worth 25 billion
Australian dollars, China and Australia have entered into fruitful
negotiations over their cooperation in the Gorgon LNG Project last year.
China's investment in the Australian coalmine industry is on the rise.
Zhou said that following the opening up of China's mining industry, there
has been raging interest to make a gold rush to the north within the
Australian mining industry. Several companies, including Sino Gold, are
accelerating their investments in China. According to Australian industry
experts, the world's greatest resource discoveries could take place in
China in the future.
Zhou further said that Sino-Australia economic and trade cooperation was
becoming more diversified in the form of cooperation, while the content
of this cooperation has been continuously reinforced and making
breakthroughs. Thus, the economic and trade cooperation between the two
countries has been taking huge strides forward in the direction of
comprehensive and multi-faceted development.

E-mail: zhangqinghua@chinanews.com.cn Tel: 8610-88387443 Fax:
8610-68327649

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