Aussies spurn Chinese in mega-mining deal
| June 05, 2009
Chinese mining company Chinalco was left standing at the altar after Rio Tinto decided to do a deal with BHP Billiton instead. The deal would have been China’s single largest off-shore investment and given the Asian giant a dependably priced source of iron ore to fuel its industrial growth.
The Chinese do a lot of business with resource-rich Australia, but some Aussies have expressed fears that the Chinese may be in a position to exert undue influence in Australian politics. And the Japanese and Indians are not all that happy with the two becoming powerful allies either. As incomes and prosperity continue to rise in these once third-world countries, such resource conflicts are only bound to intensify.