Chinese state-backed entities agreed to a trio of strategic investments in fledgling Australian mining groups on Tuesday, led by China Guangdong Nuclear Power's offer to buy 70 per cent of Energy Metals, a Perth-based uranium explorer.
The deal, which values Energy Metals' entire equity at about A$120m ($103.5m), came as China Railway Materials (CRM) agreed to take significant minority stakes in FerrAus and United Minerals, two Australia-listed iron ore groups.
Although the deals are small, they underline China's interest in locking down Australian resource assets that offer long-term potential. They also provide the Australian companies with much-needed finance to develop projects.
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