CHINESE companies are hungry for resources and are well known for making substantial direct mining investments in Africa. More recently these companies have acquired, or have disclosed, that they are proposing to acquire mining interests in Africa indirectly through acquisitions of shares in listed entities. Examples of this trend are: China National Offshore Oil Corporation's (CNOOC) US$15 billion investment in Toronto Stock Exchange (TSX) listed Nexen Inc, giving it access to Nexen's West African oil and gas assets; China Guangdong Nuclear Power Corp subsidiary Taurus Minerals'US$1.3 billion takeover of Australian Stock Exchange (ASX) listed Extract Resources Ltd last year, whose principal asset is the Husab uranium project in Namibia; and, Jinchuan Group's US$1.5 billion takeover of Johannesburg Stock Exchange (JSE) listed Zambia and the Democratic Republic of the Congo mining company, Metorex Ltd.
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