Obama asked to block Chinese investment in U.S. gold mine

peaceandlove · 12-21-2009, 08:25 AM

Obama asked to block Chinese investment in U.S. gold mine on security grounds

President Obama may have to decide whether to allow Chinese investment in a Nevada mining operation after getting recommendation to block a majority stake in Firstgold which is developing a mine 80km from a US naval base

Author: Doug Palmer and Lucy Hornby
Posted: Saturday , 19 Dec 2009
WASHINGTON/BEIJING (REUTERS) -

U.S. mining company Firstgold (FGD.TO: Quote) still hopes to complete a partnership deal with a Chinese mining company despite U.S. national security concerns that could cause President Barack Obama to block it, the company's chief executive said on Friday.

Firstgold has been told by the Committee on Foreign Investment in the United States, or CFIUS, a panel headed by the Treasury Department, that it would recommend Obama reject the plan for China's Northwest Nonferrous International Investment Co to buy 51 percent of the company.

CFIUS said the $26.5 million deal to develop the Relief Canyon mine, near Lovelock, Nevada, raised national security concerns due to its proximity to the Fallon Naval Air Station and other military installations, Lynch said.

The Navy uses Fallon, which is over 50 miles (80 km) from the Relief Canyon mine, for tactical aviation training.

Continues: http://mineweb.co.za/mineweb/view/mi...4728&sn=Detail

12-21-2009, 08:25 AM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Obama asked to block Chinese investment in U.S. gold mine Obama asked to block Chinese investment in U.S. gold mine on security grounds President Obama may have to decide whether to allow Chinese investment in a Nevada mining operation after getting recommendation to block a majority stake in Firstgold which is developing a mine 80km from a US naval base Author: Doug Palmer and Lucy Hornby Posted: Saturday , 19 Dec 2009 WASHINGTON/BEIJING (REUTERS) - U.S. mining company Firstgold (FGD.TO: Quote) still hopes to complete a partnership deal with a Chinese mining company despite U.S. national security concerns that could cause President Barack Obama to block it, the company's chief executive said on Friday. Firstgold has been told by the Committee on Foreign Investment in the United States, or CFIUS, a panel headed by the Treasury Department, that it would recommend Obama reject the plan for China's Northwest Nonferrous International Investment Co to buy 51 percent of the company. CFIUS said the $26.5 million deal to develop the Relief Canyon mine, near Lovelock, Nevada, raised national security concerns due to its proximity to the Fallon Naval Air Station and other military installations, Lynch said. The Navy uses Fallon, which is over 50 miles (80 km) from the Relief Canyon mine, for tactical aviation training. Continues: http://mineweb.co.za/mineweb/view/mi...4728&sn=Detail