China snapping up overseas mining assets

Last Modified: Tue Jul 26 2016 07:30:48 GMT+0530 (India Standard Time)
  • $4.5 billion
    worth of overseas mining assets snapped up by China-backed funds and companies in just six months this year according to a report by Mergermarket and international law firm Baker & McKenzie. They are expected to continue bidding for strategic assets amid a phase of commodity downturn.
  • $2.65 billion
    China Molybdenum paid to acquire Freeport-McMoRan’s stake in the Tenke Fungurume mine in Congo.
  • $1.5 billion
    Paid by China Molybdenum to buy niobium and phosphate assets in Brazil from Anglo American (LON:AAL). The company has emerged as the main buyer so far this year.
  • 43%
    stake of the Mount Marion lithium project in Western Australia, acquired by Jiangxi Ganfeng Lithium - the country’s biggest maker of battery-grade lithium.
  • 60%
    of a copper-gold mine in Queensland, Australia acquired by Infrastructure construction firm Sichuan Railway Investment Group (SRIG) for AUS $330 million.
  • 50%
    stake in Barrick Gold’s (TSX, NYSE:ABX) Porgera operation in Papua New Guinea acquired by Zijin Mining, China’s biggest gold company for $298 million.