Giddings wants to capitalize on China’s wealth to boost opportunities in Tasmania

September 12, 2013 • News

China’s largest privately-owned company Jiangsu Shagang is reportedly looking into investment opportunities in Tasmania, according to Tasmanian Premier Lara Giddings.

Screenshot: Grange Resources video

Screenshot: Grange Resources video

According to the media release, Jiangsu Shagang is one of the world’s largest steel manufacturers and has a 46 percent stake in magnetite producer Grange Resources.

Jiangsu Shagang recently appointed a representative based in Tasmania to oversee its business in Grange Resources, following the latter’s decision to transfer its headquarters from Perth to Burnie this year.

During her visit to the company’s steel mill in Zhanjiagang, the Premier discussed Jiangsu Shagang’s existing interests in Tasmania.

Ms. Giddings says Mr. Shen Wenrong, Chairman of Jiangsu Shagang, is investigating new investment opportunities in the mining, fisheries and agriculture sector of the State.

“He has indicated that he will lead a delegation to Tasmania next year to investigate further investment. This represents a huge opportunity for Tasmania that would not have been possible without the direct engagement of this trade mission,” said Ms. Giddings.

Jiangsu Shagang’s Zhangjiagang site is a complex that has commercial establishments including apartments, shops, restaurants, and a hotel. The company employs 19,000 in the site, which covers an area of 14 square kilometres.

“It incredible [sic] to see the entire supply chain, from the Savage River mine I recently visited, to the Port Latta pellet plant, to the massive shipping and processing facilities here in Zhanjiagang,” shared Ms. Giddings.

The Premier says despite the small size of Tasmania, the State can still offer a lot in the Asian region, beyond mining exports.

“We can provide what the Chinese want from beef, salmon, dairy and fruit to high quality minerals and resources,” she said.

“Capitalising on the massive wealth of China is one of the best ways we can grow jobs and opportunities in Tasmania.”

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