China to set up fund for acquiring overseas mines quickly

Posted on 14 March 2008

Source: Steelguru, March 14, 2008
China Securities News cited Mr Zhou Zhongshu president of China Minmetals Corporation as saying that China plan to set up metals & mining investment fund as soon as possible to push domestic enterprises' participation in global prospecting and mining of mineral resources. 

Mr Zhou said the proposed metals & mining investment fund could be initiated by united banks of China investment corporation, large domestic mining enterprises and overseas strategic investors, targeting at the internationally advantageous metals & mining groups for investment, buying shares or making acquisitions directly, with the purpose of building pivot, strategic mineral resources reserves abroad.

He said under such circumstances we need to rely on the nation's foreign exchange reserves set up national metals & mining development fund as a new thought to open up prospecting and mining of mineral resources overseas.

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