Metal miner targets US for investments

(China Daily)
Updated: 2010-11-05 11:14
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BEIJING - China Nonferrous Metal Mining (Group) Co Ltd, the country's major metal miner, will launch an investment project in the United States in the first half of next year, marking its expansion into the world's largest economy.

"And if there are opportunities, we will invest more in the US," Luo Tao, general manager of the company, told China Daily. But Luo declined to provide details of the project.

"A government's attitude toward foreign investors is very essential for the success of investment," he said.

"Compared with some developing countries, US investment requirements are high.

"However, the US also needs other countries' support and I believe it will not always reject Chinese investments."

Luo said he is optimistic about prospects in the US. "The mining industry is less sensitive than the energy industry and comparatively speaking, we face fewer obstacles when we go global."

China Nonferrous Metal Mining has investments in central and southern Africa.

Chinese miners have been stepping up their efforts to expand in Western markets such as Australia.

Last year, Chinese overseas investment in the mining sector amounted to $13 billion, 100 times more than that in 2005, information provider Dealogic reported.

China Daily