Russia and China are increasing their resources ties following bi-lateral talks on enhancing their cross-border mining co-operation.
It follows on the heads of Russia and China signing an agreement to establish a joint Russian-Chinese investment committee to expand investment flows between the two countries, with early estimates showing that by 2020 Chinese direct investment into Russia’s economy will increase by seven times.
Earlier this year the two nations signed massive gas supply contract worth around US$400 billion, will see 38 billion cubic metres of Russian gas supplied annually to China for three decades, and contains provisions such as the price formula linking to oil prices, and an important “take or pay” clause.
And now this new agreement with China is likely to put Australia’s already shaky mining industry on even less solid ground.
In the wake of these agreements the Organising Committee of China Mining Congress and the Ministry of Natural Resources Ecology of the Russian Federation has organised a special session at MINEX China.