China's MCC to invest in Australia's Resourcehouse
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Metallurgical Corporation of China Limited (MCC), one of the world's biggest engineering contractors, said Wednesday that it planned to acquire a 5-percent stake in Australian mining company Resourcehouse Limited.
In a statement to the Shanghai Stock Exchange, MCC said it would invest 200 million U.S. dollars in Resourcehouse.
Besides the 5-percent stake, the investment would also enable MCC to undertake engineering, procurement and construction work on a Resourecehouse coal mine project in Queensland, known as China First, and receive a 4-percent commission from the annual sales of 30 million tonnes of coal, said the statement.
The Australian company was expected to be listed at the Hong Kong Stock Exchange in 2010, according to MCC's statement.
MCC said the investment plan still needs to be approved by governments from both sides and Resourcehouse's shareholders.
Shares in MCC on Wednesday opened at 4.88 yuan (0.7 U.S. dollars), up 0.2 percent from the previous closing. It closed at 4.85 per yuan at midday, down 0.4 percent from the previous close.
