Metalnewsnet 13 May ：

Xinhua reported that China large steel makers, Sinosteel and Anshan Iron and Steel Corp are willing to continue to invest in Australia despite a 40% tax on the Australian mining industry.

Tuesday China Daily quoted Mr Huang Tianwen Sinosteel president as saying that "We are reviewing how the tax will impact our companies and undoubtedly, it will affect costs and profits in our local projects."

He said from a long term perspective the company is still committed to exploring more overseas resources."

Mr Bai Jingpu vice president of Anshan Steel also said the company is evaluating and analyzing the impact of the super tax on the Australian mining industry, but the company will continue to invest in the country.

The super tax plan was released last week and is expected to start in July 2012. Some Australian mining companies are worried the move will make the nation mining assets less attractive.

Chinese companies have long wanted to invest in overseas resources to secure raw material supplies and sealed several merger and acquisition deals in Australia last year.

The rising cost of raw materials is also spurring Chinese companies to accelerate the pace of overseas mining acquisitions.

According to data from the Customs office iron ore imports by China, the largest buyer in the world grew 11.6% in the first four months of 2010 from the previous year.

(from Xinhua)