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BHP-Rio merger could create monopoly: Chinese body
Beijing (AFP) Nov 19, 2007 Resource-hungry China fears a proposed merger between Australian mining giant BHP Billiton and British-based Rio Tinto would create an iron-ore monopoly, the China Iron and Steel Association said Monday. "The merger is not good for global steel companies," the association said. "Iron-ore production over-concentration will not be helpful for the long-term development of normal trade." Earlier this month, Rio Tinto rejected BHP Billiton's three-shares-for-one takeover offer, but BHP is said to be weighing the possibility of improving its bid. The proposed 350-billion-dollar merger has aroused concerns in China that a combined company would have too much power over the pricing of iron ore. Currently, BHP Billiton, Rio Tinto, CVRD of Brazil and Anglo American control most of the world's largest mines, particularly in Australia, Chile and Canada. The first three account for 75 percent of global iron ore production. China is the world's largest iron-ore importer, with 38 percent of its purchases sourced in Australia, the association said. The industry association said it would rather see Chinese steel firms and Australian miners continue to cooperate in regulating the iron ore trade. It also hopes that steel firms and miners can work together to curb rising shipping fees. Related Links Global Trade News
China trade surplus hits record as foreign patience wears thin
Beijing (AFP) Nov 12, 2007China said on Monday its politically sensitive trade surplus in October topped 27 billion dollars for the first time, data sure to add to mounting pressure by the US and EU over Chinese trade policies. |
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