Bright future with China: Minister

The Minister for Resources and Energy, Martin Ferguson AM MP, has declared Australia’s strong future with China in a speech to the Australia-China Mining and Minerals Industry Dinner in Beijing.

The Minister for Resources and Energy, Martin Ferguson AM MP, has declared Australia’s strong future with China in a speech to the Australia-China Mining and Minerals Industry Dinner in Beijing.

“The Australian and Chinese Governments established the Australia-China Joint Coordination Group on Clean Coal Technology and we are involved in both the Carbon Sequestration Leadership Forum and the Asia Pacific Partnership to develop low emission technologies,” Ferguson said.

“Australia is also benefiting from Chinese involvement in projects such as the proposed the HRL 400 MW Integrated Drying Gasification Cycle power station project in Victoria’s Latrobe Valley.

“The Government is contributing $500 million to support further development and demonstration of low emission coal technologies; $20 million of which will support work with China, and this will build on existing projects such as the pilot post combustion capture project at Gaobeidian power station.”

According to Ferguson, the relationship between China and Australia will be further enhanced at the upcoming Australia-China Climate Change Ministerial Dialogue to be held in Canberra.

Minister Ferguson also highlighted Chinese investment in Australia, currently worth a total of $6.2 billion, is growing, with applications for the financial year 2007-08 totalling $25 billion.

“With such massive investment on the drawing board, the next 10 years are certain to produce an even closer trade and business relationship between our two countries,” Ferguson said.

China is the largest single market for Australian iron ore, the second largest buyer of Australian copper, and the third largest destination for iron and steel.

By value, around 20% of Australia’s 2006-07 mineral exports were bound for China; trade worth almost $14 billion.

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