China renews calls for rational iron ore price (2)

Western Australian Premier Colin Barnett called the Midwest Region one of Australia's fastest growing resource areas.

"It is rapidly becoming a major new mining and economic zone not just for the state, but the country. At present, the region is home to around 40 investment projects and was responsible for resource sales of $2.5 billion in 2011," Premier Barnett said.

An estimated $15 billion in capital investment is planned for the region, for not only magnetite iron ore projects but also other commodities.

"An important factor contributing to the continued development of major projects in the Midwest of Western Australia is our favorable global reputation," the Premier said.

Western Australia ranked 11th out of 93 global jurisdictions in the Fraser Institute Survey as a destination of choice for mining investment.

However Wang Yiner reminded key iron ore miners and industry leaders that the free-flow of capital from China needed to be met with an equal openness from Australian government and regulators, where the relative complexity of the legal system has meant a steep learning curve for investors and prevented the Chinese from cutting through.

Despite the challenges, including Australia's troubling skills shortage, Wang remained confident in the future of the Chinese Australian resource cooperation, which stands on the shoulders of 40 years of diplomatic relations this year.

Western Australia owns the richest mineral resources and commands almost 80 percent of Chinese investment in Australia.

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