and who said China was slowing down? Not me. They have cash to...

and who said China was slowing down? Not me. They have cash to burn and will invest it anywhere suitable

China’s Minmetals seeks 49.9% stake in Ukraine iron ore plants

China’s Minmetals Corp is bidding for a 49.9% stake in iron ore development projects in Ukraine at the price of US$700 million, the South China Morning Post cited unnamed sources as saying.

The projects, owned by Switzerland-based Ferrexpo, have attracted overseas companies, including India’s Tata Steel. Ferrexpo chief executive Mike Oppenheimer said the deal is expected to be finished by the year end.

The Chinese mainland resources company is now seeking overseas expansion to boost the country’s economic growth. Earlier reports said Minmetals was likely to set up a joint venture with a Chilean state-owned copper firm, Nacinal del Corbre (Codelco), to explore minerals in African and Asian countries.

Currently, Ferrexpo is selling stake in two development deposits in Ukraine priced at US$500 million and US$700 million respectively. They are expected to start operation in early 2010, with an estimated investment of US$5 billion in total, sources reported.

The company’s intention of selling stakes in the deposits was to reduce risk via managing with somebody else, according to analysts. Ferrexpo is the 12th largest producer of iron ore pellets in the world by primary assets.

http://www.chinatradeinformation.net/china-trade-news/chinas-minmetals-seeks-499-stake-in-ukraine-iron-ore-plants.html