China Minmetals, which on Sunday concluded China’s biggest-ever overseas mining acquisition, traces its roots to a US-led trade embargo against China.
Struggling to get the economy on its feet and blocked from trading with the most developed nations, China’s government set up two companies to import ores and power equipment in the early 1950s. The two later merged into Minmetals, one of the nation’s most internationally minded state-owned enterprises but also a fierce guardian of its own privilege.
Now a $53bn company with 17,700 employees, Minmetals heads the consortium that bought the Las Bambas copper mine in Peru from international trading giant Glencore Xstrata for $5.85bn.
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