Australia hedges on Chinese mining investment

0 Comments | AFP, June, 2008

SYDNEY (AFP) — Australia welcomed foreign investment from China but would protect its national interest, the government said Thursday amid speculation that it planned to curb takeovers by state-owned firms.

The comments by Treasurer Wayne Swan followed a report in The Australian newspaper that the government had delayed an attempt by Chinese giant Sinosteel to buy into West Australian iron ore miner Murchison Metals.

Swan told reporters an interim order had been issued by the Foreign Investment Review Board (FIRB) to have a decision within three months.

"We welcome foreign investment. We welcome it from everywhere, including from China, but we will apply decisions on a case-by-case basis in the national interest," he said.

Sinosteel wanted to buy a...