On October 19, China-based privately-owned Sichuan Hanlong Group announced its acquisition of a 55.3 percent stake in Australian miner Moly Mines Limited for US$200 million. If approval is granted by regulators in Australia and China, the project will constitute the biggest investment made by a privately-owned Chinese enterprise in Australia.
Founded in March 1997, Sichuan Hanlong Group has a wide portfolio of investments including electricity supply, infrastructure development, mining resources development, pharmaceutical production, food and alcoholic beverages, and others. It has a registered capital of RMB 380 million and total assets in excess of RMB 10 billion.