Hanlong Mining Investment Pty Ltd., a Sydney-based subsidiary of Hanlong Group, plans to invest $5 billion in Moly Mines, an Australian metals explorer, aiming to become the fourth largest iron-ore producer in Australia rivaling BHP Billiton Ltd. (BHP.AU), Rio Tinto Ltd. (RIO.AU), and Fortescue Metals Group Ltd. (FMG.AU), according to reports Wednesday.

The establishment of Hanlong Mining will help to provide sufficient mineral resources for China's economic development, to promote Hanlong Group into a world-class mining company with high competitiveness, and to provide financial resources for international mining projects, said Liu Han, a shareholder of Hanlong Group.

Hanlong Group became Moly Mines' controlling shareholder by acquiring 55.49 percent of its shares after a settlement of $200 million equity and debt funding package on 23 April 2010.

So far, the acquisition is considered the largest of its kind by Chinese private enterprises in Australia and the first significant investment for Hanlong in the Australian resources industry, released by Hanlong.

Hanlong will not only limit itself in the mining field, but at the same time adhere to solar and clear energy. ''We have gained profits from investments in China's solar energy field and will implement our experience in Australia,'' said Liu.

Hanlong's investment in Moly mines is a sign of the friendly relationship between China and Australia, stated Australian Prime Minister Rudd Kevin in his congratulatory letter for the two companies’ cooperation.