China and Australia sign agreements on energy resources and mines

Tuesday, 22 June 2010 17:16:52 (GMT+2)

On June 21, China and Australia signed 10 agreements worth a total of US$8.8 billion, with seven of the agreements related to energy resources and mines. In one of the most important agreements, the Karara iron ore project, in which northern Chinese steelmaker Angang Steel and Australian iron ore producer Gindalbie Metals are cooperating, received US$1.2 billion in credit from China's state-owned China Development Bank.

According to Gindalbie's official website, "The loan facility agreement was signed in Canberra by Gindalbie's managing director, Mr. Garret Dixon, representing the joint venture company Karara Mining Limited, and Mr. Chen Yuan, chairman of China Development Bank."

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