While China has been driving the global commodities bull run, the country’s mining houses have been in the slow lane when it comes to investment abroad.
Last year, the world’s biggest importer of commodities such as copper and iron ore spent just $4.5bn on overseas mining deals, according to Ernst & Young – a paltry sum by mining industry standards.
However, Chinese miners are now determined to make up for lost time. Minmetals Resources’ unsolicited C$6.3bn (US$6.5bn) bid for Equinox Minerals, a second-tier miner based at a single copper mine in Zambia, underlines the country’s ambition to become a bigger player in an industry dominated by established corporations such as Rio Tinto, BHP Billiton and Anglo American.
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