An Australian mining giant has announced it won\’t invest more in China, saying the country\’s new leaders are more concerned with making money than investing in the country.
The Federal Government has been in power for only a few months and has already been forced to face down a massive legal battle over the planned $5.7 billion Carmichael coal mine in Queensland.
The company, based in the Northern Territory, said it is no longer planning to invest in China.”
There are a number of issues that have been identified that are not going to be addressed,” chief executive David Thiele said.”
I don\’t think there is going to have to be a change in direction.”
We are going to continue to invest as a company in the United States.”
The Chinese government is very clear that we will not invest in this country, and we will invest as best we can in the rest of the world.”
China is the world\’s largest exporter of coal, and our ability to supply the world market is a key component to our business.”
In the United Kingdom, we will continue to look at China and what the opportunities are there.”
Mr Thieles, who is also a former director of the Australian Competition and Consumer Commission, said China is a ”key strategic market” for Australia.”
This is not an economic problem that China has solved, it is a strategic problem that the Chinese are facing.”
They are facing a lot of challenges, but they\’re doing well.”
It\’s been a challenging period for the Chinese economy and its economic development.”
Chinese leaders are very much focused on maintaining a balance of growth, and they have been very successful at that.”
Australia is an important global player in a globalised world, and that is something that we have to look after very carefully.”
All of our resources are being managed in the right way.
”The future is brighter for the Australian mining industry.”
Mr Stapleton said the company would invest ”tens of millions” in the next 12 months, including in the construction of a new facility in the Kimberley, where it currently employs about 2,500 people.”
As long as we continue to do our business in Australia, our future is very bright,” he said.
The Carmichael mine, which will produce an estimated 500,000 tonnes of coal a year, will be one of the biggest in the world if approved by Chinese authorities.
It is a major expansion project for a state-owned company, and has been plagued by delays and environmental concerns.
Environmentalists and other critics say the mine could pollute groundwater and pollute drinking water in nearby communities, and are calling for a thorough environmental impact assessment.
A spokeswoman for the Federal Government said the Government had yet to comment on the matter.
Ms Staperton said the mining sector had always been at the forefront of Australian development, and the new leaderships policy was to focus on developing a new ”energy revolution” which would help the country meet its ”energy needs” and ”make our country stronger, cleaner and more prosperous”.
The new Premier, Julie Bishop, is also seeking to bolster the nation\’s coal industry, saying ”China has lost its way”.
She said the nation needed ”to embrace our future energy, because the global economy is not based on coal”.
Ms Bishop has said she wanted to make Australia the ”world\’s leading carbon-free nation by 2020,” and the State of Origin Party will also seek to increase its reliance on coal and other forms of fossil fuels.
Earlier this month, the Prime Minister, Kevin Rudd, announced the Federal Budget would include $2 billion in new funding for the mining industry.