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Australia's Fortescue hints at HK, Shanghai listing
by Staff Writers
Sydney (AFP) July 12, 2011

Australian iron ore miner Fortescue Metals is considering a listing in Hong Kong or Shanghai in a bid to get closer to its Chinese clients, the company's founder Andrew Forrest said Tuesday.

The comments from Forrest come a month after fellow Australian miner Resourcehouse abandoned plans for a US$3.6 billion float on the Hong Kong stock exchange citing unfavourable global conditions.

"We study the Shanghai market and Hong Kong market all the time," Forrest, one of Australia's richest men, told Dow Jones Newswires in an interview.

"We haven't made any decisions as a board, but we are certainly setting up the opportunity."

Western Australia-based Fortescue, which with BHP Billiton and Rio Tinto is one of the country's top three iron ore miners, has grown rapidly since its first shipment in 2008, with most of its ore bound for China's steel mills.

The company has since shipped more than 70 million tonnes of ore.

Forrest steps down as Fortescue's chief executive next week following a ruling in February that he misled investors on Chinese deals that could see him banned as a company director.

He said Tuesday that the company was not pinched by labour or skills shortages, saying Fortescue's major concerns were energy and taxes, including the government's planned levies on carbon emissions and mining profits.

Australian miner Resourcehouse cancelled its plan to list in Hong Kong for the fourth time in early June, saying markets had become too choppy.

The unprofitable firm, controlled by billionaire Clive Palmer, had put off three previous attempts to list in Hong Kong since 2009.

A listing in Hong Kong would have allowed Resourcehouse to boost its profile in China, while the company had planned to use a large part of the proceeds from the IPO to fund a thermal-coal project and iron-ore project in Australia.




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Iraqi premier to visit China next week: spokesman
Baghdad (AFP) July 12, 2011 - Iraq's Prime Minister Nuri al-Maliki will arrive in China on Monday for a three-day visit focusing on energy, investment and other economic issues, his spokesman said Tuesday.

Maliki "will head a large delegation that will include ministers and will meet Chinese President Hu Jintao and Premier Wen Jiabao," spokesman Ali al-Dabbagh said.

Discussions will focus on "improvement of bilateral relations in the fields of energy, transportation, agriculture, services and investment," he added.

China is a leading player in Iraq's oil sector.

In 2009, China National Petroleum Corp sealed a deal along with Britain's BP to ramp up production at Iraq's biggest oil field, Rumaila, which has estimated reserves of 17.7 billion barrels.

In December of that year, a consortium led by CNPC won the right to develop Halfaya oil field in southern Iraq, whose reserves are estimated at 4.09 billion barrels.

This month, the Al-Ahdab oil field in central Iraq, which is operated by CNPC, began production with 60,000 barrels per day.

In 2008, CNPC signed a $3 billion contract to develop the Al-Ahdab oil field with another Chinese company, Zhenhua Oil, in the province of Wasit for 23 years.

Iraq sits on one of the world's largest oil reserves -- 143 billion barrels by Baghdad's own estimates.





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BRICS vow to improve access to low-cost medicine
Beijing (AFP) July 11, 2011
The BRICS group of emerging countries on Monday vowed to improve access to low-cost and high-quality medicine - and called on developed nations to shoulder responsibility in helping the poor. Health ministers from Brazil, Russia, India, China and South Africa said they would work with international groups such as the World Health Organization and UNAIDS to provide "affordable, safe and effe ... read more


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