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Dragon Energy eyes new mining projects

PERTH
Wed Mar 11, 2009 1:14am EDT

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PERTH (Reuters) - China-linked Dragon Energy Ltd (DLE.AX) is eyeing investments in new mining projects and is comfortable with deal sizes of up to A$100 million ($64.2 million), the head of the Australian phosphate explorer said on Wednesday.

Perth-based Dragon, backed by China's Shandong Group, is scouting for investment opportunities in a range of commodities, including coal, iron ore, copper and uranium within and outside of Australia.

"Shandong Group, our cornerstone investor, sees Australia as an important resource base and we are looking for investment opportunities in new projects," said Xu Gang, managing director of Dragon Energy, who was speaking at the Reuters Global Mining and Steel Summit.

"We may be a small company, but through our cornerstone investor, we'll be comfortable with deals of up to A$100 million."

China's Shandong Group is a privately-held firm which has businesses in coal and iron ore mining, power generation and steel milling. Dragon says Shandong has a total asset base in excess of over A$500 million.

Shandong owns a 57 percent stake in Dragon, which was listed on the Australian Stock Exchange last month and has a market value of A$10.9 million.

(Reporting by Fayen Wong; Editing by Clarence Fernandez)


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