China's Hanlong to Invest up to $5 bln in Australia

SYDNEY, May 4 -- Australian base metals explorer Moly Mines (MOL.AX: Quote) (MOL.AX: Quote) said on Monday China's Hanlong Mining plans to invest up to $5 billion in Australia's resources sector over the next five years.

Australia's mining sector has had a flurry of investments from Chinese firms in recent years as China tries to buy more natural resources to feed a fast-growing economy at home.

Hanlong, which is privately owned, wants to expand its business in the steel and raw materials sector, Moly said in its quarterly update. Hanlong owns 55 percent of Moly.

Hanlong also wants to invest in infrastructure projects so that raw materials can be easily transported from mines, Moly said. No other details were provided.