Hong Kong chief executive visits Australian mine

08:28, June 20, 2011      

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The chief executive of Hong Kong Special Administrative Region Donald Tsang visited an iron ore mine in Karratha, Western Australia on Sunday, and encouraged Australian resources companies to raise funds in Hong Kong, according to the HKSAR news website.

Tsang flew to Karratha from Perth Sunday morning for a one-day visit starting from touring the mine, which is owned by a subsidiary of Hong Kong listed CITIC Pacific. He was accompanied by the chairman of CITIC Group Chang Zhenming and the Director General of the Western Australia Department of State Development Acting Stephen Wood.

Noting that resources companies are capital intensive, Tsang said there is great potential for them to use Hong Kong's financial facilities to raise funds for their operation.

He said Australian firms listing in Hong Kong can benefit from wealthy investors in the city and Asia as well as from institutional investors on the Chinese mainland. A Hong Kong listing also helps raise the firm's profile and reputation on the Chinese mainland.

Tsang will visit the North West Shelf's Visitor Center where he will be briefed on its liquefied natural gas project, the biggest and one of the most important resource developments in Australia. Part of the liquefied natural gas obtained by a Guangdong company from the project is supplied to Hong Kong.

Source: Xinhua
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