CHINESE – WESTERN AUSTRALIA

Sinosteel cautions Oakajee doubters

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Original article by Peter Ker, Brad Thompson
The Australian Financial Review – Page: 18 : 22-Oct-19

Western Australia’s Premier Mark McGowan says he would welcome any move to proceed with the stalled Oakajee port and rail project, after Sinosteel’s recent deal to acquire Mitsubishi’s interest in it. However, Ports Minister Alannah MacTiernan ha expressed doubts regarding the $10bn project’s viability. Stuart Griffiths, the CEO of Sinosteel Midwest, says people should keep "an open mind" on the issue, adding that good quality iron ore will always be in demand.

CORPORATES
SINOSTEEL CORPORATION, SINOSTEEL MIDWEST CORPORATION LIMITED, MITSUBISHI CORPORATION, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, FORTESCUE METALS GROUP LIMITED – ASX FMG

China launches $10b push for Oakajee iron ore

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Original article by Peter Ker
The Australian Financial Review – Page: 3 & 22 : 21-Oct-19

Sinosteel has acquired Mitsubishi’s interests in the long-stalled $9.7 billion Oakajee port and rail project in Western Australia. Sinosteel’s $2 billion Weld Range iron ore project was to be a customer of the Oakejee project, but cost blowouts saw proposed port tariffs increased, leading Sinosteel to conclude that Weld Range would not be viable, and it stopped work on Weld Range in June 2011. Sinosteel’s acquisition of Mitsubishi’s stake in the Oakajee project has sparked hopes that it could be revived, and that a new iron ore export province in WA can be created.

CORPORATES
SINOSTEEL CORPORATION, MITSUBISHI CORPORATION, FORTESCUE METALS GROUP LIMITED – ASX FMG

Another billion-dollar blow adds to woes for Sino Iron project

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Original article by Brad Thompson
The Australian Financial Review – Page: 20 : 13-Mar-18

China-based CITIC has advised of another massive write-down in the value of its Sino Iron magnetite project in Western Australia. The latest write-down is expected to around $US1bn ($A1.27bn), similar to other write-downs in recent years. Sino Iron has been plagued by a legal dispute, which prompted CITIC to warn in 2017 that it could put production on hold. The closure of Sino Iron could affect Fortescue Metal Group’s decision on whether to proceed with its Iron Bridge magnetite project.

CORPORATES
CITIC LIMITED, MINERALOGY PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, FORMOSA PLASTICS GROUP, SHANGHAI BAOSTEEL GROUP CORPORATION, GINDALBIE METALS LIMITED – ASX GBG, ANSHAN IRON AND STEEL COMPANY, SUPREME COURT OF WESTERN AUSTRALIA