china friend or foe

Chinese Investment - Friend or Foe

We tipped Moly Mines in Diggers and Drillers last year, but the credit crisis clipped its wings, and a project with a lot of promise never got off the ground.

This week, the Foreign Investment Review Board (FIRB) approved a $200 million investment in Moly from China's Sichuan Hanlong Group. Development of the project should start again by the middle of next year.

There is no shortage of projects like this in Australia, and there are more projects than we have capital for. So it is no surprise that China snaffled a bargain with Moly.