Australian acquisition proves rich seam for SZLN

With the Australian mining industry particularly hard-hit by the international financial downturn, one enterprising Chinese business has managed to provide a lifeline for one ailing Perth-based metal mining company, whilst also establishing a bargain basement foothold in this hugely lucrative market.

The deal came as Perilya Limited, a 22-year old base metal mining company, saw its market value slashed from $1billion in 2007 to a low of just $18 million when it announced its intention to seek new funding. Its value eventually rallied to $30 million, but, despite a raft of cutbacks and lay-offs, its future looked far from certain.