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From the West Australian:
ANZ has thrown its weight behind Baosteel and Aurizon Holdings’ push to establish a big Pilbara iron ore business after today signing a support agreement with the China Development Bank.
On a day when all focus is on the expected signing of a Free Trade Agreement between Australia and China, ANZ made the most of Chinese President Xi Jinping’s visit to Canberra to sign the memorandum of understanding with the CDB as well as the proponents of the West Pilbara iron ore project, acquired by Baosteel and Aurizon through their $1.4 billion takeover of Aquila Resources this year.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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