Fox Resources in talks for Chinese project partner

Fox Resources Ltd, backed by China's Jinchuan Group Ltd, is in talks with a potential Chinese partner to help develop an iron ore project in Australia.

Executives from a State-owned steel mill, one of China's top-five producers, are scheduled to visit the site later this month, Bruno Seneque, managing director of the Perth-based nickel and copper company, said yesterday in an interview to Bloomberg, declining to name the mill.

China has proposed 90 investments in Australia valued at about A$34 billion ($32 billion) in the past 18 months, the Canberra-based Foreign Investment Review Board said in September. CITIC Pacific Ltd, a unit of China's biggest State-owned investment company, is building a $4-billion magnetite iron ore mine in Western Australia to meet surging demand.