Hanlong to invest $5b in raw materials

Infrastructure investment to help avoid supply chain bottlenecks

Beijing - Hanlong Mining Investment Pty Ltd, a subsidiary of Sichuan Hanlong Group, plans to invest $5 billion in steel-related materials including molybdenum, manganese and renewable energy projects in Australia, the company said on Monday.

According to the statement, Hanlong would seek a $500 million loan for the Spinifex Ridge molybdenum project by Sept 30, as part of a plan to develop the project as a major molybdenum-copper project over 25 years.