next move, page-47

Well how far down the food chain are we then

China Minmetals Corp., the nation's biggest metals trader, may buy a 40 percent stake in the parent of Hunan Nonferrous Metals Corp. to step up minerals exploration in China and abroad amid industry consolidation.


http://www.chinamining.org/Investment/2008-09-12/1221198412d17209.html

Was told the only reason the take over attempt in March didnt go ahead was that the Chinese Government would'nt give the money (they had an olympics to pay for) Might be they have turned to big brother to fund it? Anyway - it goes on to say

Beijing-based Minmetals signed an initial agreement for strategic cooperation on Sept. 1, the listed arm of Hunan Nonferrous Metals Group said late yesterday in a statement to the Hong Kong stock exchange. It didn't give a value.


The government is encouraging consolidation among metals producers through mergers and acquisitions to create bigger and more competitive companies. Minmetals and Jiangxi Copper Group, China's second-biggest copper smelter, last October formed an alliance to explore for minerals at home and overseas.


Minmetals and Hunan Nonferrous are yet to discuss details of project development, the statement said. Hunan Nonferrous Metals Group holds 53.08 percent of Hong Kong-listed Hunan Nonferrous Metals Corp., China's biggest zinc and tungsten producer.