China in talks to up investment in Australian mines

As China scours the world for raw materials, Chinese metals companies, including Beijing Shougang, are in talks to invest as much as US$7.7 billion in Australian mines, potentially increasing China's investment in Australia sixfold within the next five years, the Standard of Hong Kong reported, citing government official Henry Wang. Of the proposed mining investments, half are in iron ore, 30% in coal and the rest in natural gas and other metals.