On September 4, 2007, during Chinese President Hu Jintao’s state visit to Australia, the five Chinese central state-owned enterprises (SOEs), namely the Sinosteel Corporation, China Railway Materials Commercial Corporation (CRM), China Railway Engineering Corporation, China Communications Construction Company and Angang Steel, have signed an agreement with Australian Yilgarn Infrastructure Ltd. to jointly compete for a railway and port project in Australia.
The representative of Chinese official is National Development and Reform Commission Foreign Capital Management Department Director Kong Linglong, Australian official is West Australia Industrial Resource Vice Executive Operator Anna Cronin; Australian Yilgarn Infrastructure Ltd. Chairman John Saunders, Sinosteel Corporation President Huang Tianwen, China Railway Materials Commercial Corporation President Zhang Wei, and heads of China Railway Engineering Corporation, China Communications Construction Company and Angang Steel attended the signing ceremony. Vice President Jiang Hong signed on the agreement on behalf of Sinosteel.
Total investment of the project, located in the mid-west Australia, is estimated to reach between 2.5 billion to three billion Australian dollars (2.28 billion U.S. dollars). The project will kick off in 2008 and be completed in 2011. Yilgarn region in West Australia boasts proved reserves of iron ores totaling 8.6 billion tons, but poor transportation infrastructure facilities have restricted the development of mineral resources and economic development in the region.
Heads of Sinosteel President’s Office, International Cooperation Dept., Sinosteel Trading, Sinosteel Mining, Sinosteel Australia Pty., Sinosteel Australia Mining Pty., and relatives departments of Chinese and local government, financial organizations and media representatives, all round eighty people attended the signing ceremony.
Vice President Jiang Hong Signing on the Agreement on Behalf of Sinosteel
National Development and Reform Commission Foreign Capital Management Department Director Kong Linglong Congratulating to President Huang for the Success of Signed Agreement