Chinese and South Korean companies are jostling for access to new Australian resources projects to the benefit of local companies, according to The Australian.
Among those seen to profit from the competition is ASX-listed copper play Rex Minerals Ltd, which has seen Korean conglomerate Hyundai challenge the China Nonferrous Metal Industry (NFC) for the engineering and construction contractor rights to Rex's Hillside copper project in South Australia.
"NFC were first movers on this. Hyundai came to us later in the piece and we have been very, very impressed with the amount of people that they have mobilised on to the project and the amount of progress they have made to get to this stage," Rex managing director Mark Parry told The Australian.
"Copper is very important to the Korean industry, and they want to make sure that they are having their share of the world pie.”
Rex is hoping to begin construction on the project this year.
