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Pilbara talks with China's Shougang break down

Pilbara talks with China's Shougang break down

Shanghai: China's participation in a A$2.7bn ($2.2bn) iron-ore project in Australia's Pilbara region is in doubt after talks between Australasian Resources Ltd. and Shougang Corp. broke down, Bloomberg writes quoting the Australian

Shougang, which has a 6.3% stake in Australasian, forced an end to project funding talks on a venture at Cape Preston in Western Australia after its attempts to gain control of the company failed, the newspaper said, without identifying the source of its information.

A spokesman for Australasian told the newspaper that tensions between Australia and China over the arrest this month of four Rio Tinto Group employees had not affected talks with Shougang.  [20/07/09]