Australian Resources Minister Martin Ferguson
Chinese firms should have more success getting investments in "The so-called tension has largely disappeared. It's all about a learning process and they have a properly focused understanding on how to actually succeed with the investment," "You look at the investment over the last three years out of But the difficulty some Chinese firms have had in sealing deals has soured ties. In 2009, China Non-Ferrous Metal Mining Co was blocked from buying a controlling stake in rare earths miner Lynas Corp. . "They now have discussions with FIRB even before they lodge applications, get an assessment of what is required," he said. Indeed, changes to Australian investment rules in 2009 were aimed at limiting Chinese investments in local mining companies, according to confidential The Australian Treasury's head of foreign investment, Patrick Colmer, briefed Treasurer Wayne Swan last week denied the rules were aimed at Swan in 2009 announced higher thresholds for investments that would need foreign investment approval, but he did not change the limits on investments requiring approval from foreign state-owned enterprises. WOODSIDE DISPUTE He is also strongly pro-mining and his job includes smoothing strains with Woodside wants to develop the field, which straddles Australian and East Timorese waters, by building a multi-billion-dollar floating liquefied natural gas (LNG) plant. "It's an issue I'm obviously paying attention to. I'm not in a hurry. These things will sort themselves out," Australia's influential Greens, which support the one-seat minority government in both the upper and lower houses, say an A$600 million excise exemption for condensate should be removed. MINING TAX Gillard will have to rely on the support of Greens in both houses of parliament -- they have one lower house seat and will control the upper house from July 2011. But the government says that will not mean a stronger tax to satisfy Greens demands. "In the minds of many companies, hopefully that's the end of the discussion," On the eve of last year's election and staring at political oblivion, Gillard forged a deal with global miners BHP Billiton , Rio Tinto and Xstrata to cut the rate to 30 percent from 40 percent, and dropped the tax for companies with profits of less than A$50 million ($45 million). UBS estimates the effective tax rate for companies affected would increase from 38 percent to 44 percent. With the government looking at a plan to allow an extra 20,000 skilled migrants into "There is a wealth of opportunities out there for us as a nation to get very talented, highly skilled young migrants," he said.
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