China makes play for African iron ore

African Minerals (AMLZF.PK) enters into a binding memorandum of understanding with Tianjin Materials and Equipment, China's largest iron trader, where Tewoo will pay $990M to acquire a 16.5% interest in African Minerals' flagship Tonkolili iron ore project.

China, which makes 43% of the world’s steel, relies on imported ore for more than 60% of its steelmaking needs.

Chinese state-owned metal giants are said to be circling Rio Tinto’s (RIO) $4B Canadian iron ore operations as well as Glencore’s (GLCNF.PK) Las Bambas copper asset in Peru.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs