http://finance.ninemsn.com.au/newsbusiness/aap/8199192/chinas-han...

http://finance.ninemsn.com.au/newsbusiness/aap/8199192/chinas-hanlong-hunts-for-acquisitions
19th January 2011 8.30pm AEST

"China's Hanlong Mining Investment Pty Ltd is aggressively hunting for acquisitions in Australia under plans to become a major iron ore producer"

"Hanlong already has a 56.8 per cent stake in Perth-based Moly Mines Ltd.

Moly Mines shares plunged on Tuesday after it said documentation and approvals for a $US463 million finance facility for its Spinifex Ridge molybdenum and copper project in Western Australia would not be ready for drawdown by January 31 as planned.

Hanlong, which is facilitating the loan, on Wednesday said the delay come about because of the need for regulatory approvals in Australia and China, and it remained committed to advancing the project while seeking other investment opportunities in Australia.

When these celebrities take a political stance, the world listens. We count down 2011's most influential celebs.More in Downtime: Forbes 10 most influential "We're looking for investment opportunities in iron ore and uranium," Hanlong spokesman Calvin Zhu told AAP.

"But good targets are not that easy to find.

"It will take some time."

While you may have heard about a "hot tip", remember you're dealing with money you've worked hard to earn.Personal Finance: How to buy and sell shares Mr Zhu said Hanlong would consider both early stage projects and developing assets.

"It is more of a value proposition for us - whatever works financially," he said.

"When we are looking at large scale projects, we would have to think about things such as infrastructure development together with mine development.

"They go hand in hand in Australia."

Hanlong and some Moly Mines staffers last year said they planned to become the "fourth force in iron ore", but the rhetoric has since toned down.

"That was just a comment we made over dinner and it got picked up somehow," Mr Zhu said.

"Yes, it's true that we do have aspirations to become an iron ore producer of a large scale, but ... we don't like to be too loud in our message."

While the molybdenum and copper side of the Spinifex Ridge project has been delayed, the operation also contains iron ore and a maiden shipment of the steel making commodity was recently shipped to Chinese customers.

Moly Mines in 2009 decided to initially mine iron ore at the project after a sharp fall in the molybdenum price.

But Hanlong says the economics for the molybdenum and copper project are better now than when it originally invested in Moly Mines two years ago.

"Molybdenum prices then were US$12/lb and they are now US$17/lb," Hanlong said on Wednesday in a statement.

Hanlong is part of the Hanlong Group, a private firm with interests in China in mining, infrastructure, solar technology, property and pharmaceuticals."

Obviously the selloff was not driven by a Hanlong selling its shares.

So what value MOL shares if the finance were to be drop on the table say next month? That is only about 2 weeks away BUT obviously the Chinese and Hanlong are not really in a hurry with Mol. are they? Is there any real reason why they should actually be? All is fine at Spinifex with developments and HAY HAY why isnt anybody talking COPPER anyways with Moly? I thought the real final products will be IRON ORE, Molybdenum and COPPER!