Chinese investment in the Australian mining industry sees a sharp decline
According to a report released on the 8th by KPMG Australia and the University of Sydney, as reported by MiningNews.net, Chinese investment in the Australian mining industry sharply dropped to 34 million Australian dollars in 2023, compared to 1.8 billion Australian dollars in 2022. Of the 1.6 billion Australian dollars invested in 2022, 1.08 billion Australian dollars were invested by Baowu Steel Group in the Western Range joint venture, Huayou International invested approximately 500 million Australian dollars to acquire Prospect Resources, a Perth-based company with lithium mining projects in Zimbabwe, and nearly 200 million Australian dollars were invested in the Pajingo gold mine project in Queensland. However, these figures largely reflect the typical cyclical nature of mining industry investment. A year earlier, KPMG reported that Chinese investment in Australia was approximately 545 million Australian dollars, including a 318 million Australian dollar investment in AVZ Minerals' Manono lithium mine project in the Democratic Republic of Congo. At least as of last year, the healthcare industry seems to have become the main target of Chinese investment in Australia. Data shows that from 2006 to 2023, Chinese investment in Australian companies exceeded 113 billion US dollars. Last year's investment was 892 million US dollars, far lower than the average of 10 billion US dollars from 2011 to 2017 and significantly lower than the 16.2 billion US dollars in 2008.
