An Australian official denied yesterday that the government was secretly urging Chinese companies to hold off on investing in local mining and energy companies, amid growing concern about Beijing’s control of natural resources.
A national newspaper, the Australian, reported on Friday the new government had privately told potential Chinese government-backed investors to delay their moves because it wants more time to consider the implications of sovereign wealth fund ownership of Australian mining companies.
Investments made by sovereign wealth funds — investments backed by government money — must be reviewed to determine if they are in the Australian national interest before they are granted approval.
At least 10 Chinese companies have withdrawn foreign investment applications to buy into Australian resource companies after pressure from the Australian government that came to power in November last year, the newspaper said without citing its sources.
But Resources Minister Martin Ferguson denied the report yesterday.
“There’s been no suggestion that China or any other investor back off,” Ferguson told Australian Broadcasting Corp television.
“It is a nondiscriminatory investment policy for foreign enterprises, but we are very clearly going to make sure — in terms of Australia’s future — the national interest test is rigorously applied,” Ferguson said.
“As China makes investments, some will be rejected. Some will be changed to meet our national interest test,” he said.
Ferguson’s comments came amid growing concern in Australia about Chinese ownership of natural resources.
Beijing had complained to the Australian government about the escalating price of iron ore Anglo-Australian miners Rio Tinto and BHP Billiton Ltd were charging to feed the burgeoning Chinese manufacturing sector.
Canberra insists it will not interfere with the free market forces that control the price.
Aluminum Corp of China (中國鋁業), also known as Chinalco, and Pittsburgh-based Alcoa Inc bought a 12 percent stake in Rio Tinto for US$14 billion in early February, raising speculation of a plan to block the merger of the two Australian miners, which Beijing fears would further inflate Australian ore prices.
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