SOEs in Australian infrastructure deal

Five large state-owned enterprises, including Sinosteel Group, China Railway Materials, China Railway Engineering Corporation, China Communication Construction and  Angang Steel, have signed an agreement with Australia's Yilgarn Infrastructure to invest in construction projects on West Australia's railway network and at the port of Oakajee, Economic Observer reported (in Chinese). The US$2.5 billion project is aimed at improving transportation and shipping for Western Australia's iron ore industry. The project is scheduled to begin in 2008 and be completed in 2011. A large amount of mineral products from this region will be shipped to China.