Teck Resources said on Friday it will sell a 17.2-per-cent equity stake to state-owned China Investment Corp. through a private placement that will raise $1.74-billion and help the miner pay down debt.
China's Commerce Ministry recently said that China would steadily push its “go abroad” investment policy, unperturbed by the collapse of a $19.5-billion tie-up between Rio Tinto and Chinese metals conglomerate Chinalco.
The following are some major Chinese investments in the commodities and energy sectors this year:
June 24, 2009 – Sinopec, China's largest oil refiner, agreed to buy Swiss oil explorer Addax Petroleum Corp. for $7.24-billion, a deal that will give it access to high-potential oil blocks in West Africa and Iraq.
June 23, 2009 – Chinese power company GCL-Poly Energy Holdings said it would pay $3.38-billion for a Jiangsu province solar parts maker in a move to tap the country's growing solar energy industry.
June 9, 2009 – Canadian mining and exploration company Consolidated Thompson said it had finalized terms of an agreement with China's Wuhan Iron and Steel Corp for a $240-million investment.
May 24, 2009 – Asia's largest oil and gas producer PetroChina agreed to buy Keppel Corp.'s 45.5 per cent stake in Singapore Petroleum Company for $1.02-billion U.S.).
April 30, 2009 – Chinese state-owned China Nonferrous Metal Mining Group agreed to take a majority stake in Australian rare earths miner Lynas Corp Ltd. $185.7-million.
April 1, 2009 – Australian zinc miner OZ Minerals agreed to sell most of its assets to China's Minmetals for $1.21-billion.
Feb. 24, 2009 – Chinese steel mill Hunan Valin Iron and Steel said it will pay $1.2-billion ($770-million) for a 16.5 per cent stake in Fortescue Metals Group.
Feb. 5, 2009 – Shenzhen Zhongjin Lingnan Nonfemet, China's third-largest zinc producer, wins Australian government approval to acquire a controlling stake in zinc miner Perilya.
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