Word: coppers
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...steadily made inroads west, tying up lucrative energy contracts in Kazakhstan, while committing tens of million dollars to infrastructure and hydropower projects in impoverished Kyrgyzstan and Tajikistan. China has also become the single largest investor in Afghanistan, building roads through Kabul and setting up a massive $3 billion copper mine. In 2001, China formed the Shanghai Cooperation Organization (SCO), a geo-political grouping aimed at improving economic and political relations with Russia and other Central Asian nations - as well as a vehicle for Beijing to quash support for separatists in its restive Xinjiang province, whose Muslim Uighurs share ethnic ties...
...Booming prices for oil, copper, gold and other commodities over the past decade have produced annual GDP growth rates as high as 6% in some African countries. But the International Monetary Fund predicts continent-wide economic growth of only about 1.7% this year - compared with last year's growth estimate of about 5.5%. (See pictures of scared traders...
...approval in Australia for what would have been China's largest foreign investment ever: a proposed $19.5 billion stake in Rio Tinto, the world's second largest mining company. The deal would have given Chinalco roughly an 18% stake in Rio, as well as outright control of some valuable copper and iron ore mines. Xiong travelled to Australia in March and made television appearances to plead his case. He pressed the flesh with politicians in Canberra who were both for and against the deal...
...minerals prices have rebounded - in part (and ironically) because of a huge government spending binge in China that has had companies here frantically restocking their supplies of copper, iron ore and other commodities used in industrial production. "The biggest driver of discontent [with the Chinalco deal] among Rio shareholders," says Grant Craighead, managing director of Australia-based independent research group Stock Resource, "was that the deal was being struck close to the low point in the current financial crisis. Over recent months the market decided that the worst of the crisis was over, and life's likely to get better...
...Asia and other emerging markets, particularly in places where globalizing Chinese businesses are expanding. Industrial and Commercial Bank of China (ICBC) paid $5.6 billion in 2007 for 20% of Standard Bank, South Africa's largest lender, in part to serve Chinese-owned resources companies prospecting for oil, gold, copper and other metals in places like Angola, Congo, Liberia and Zambia. ICBC is now said to be interested in the Royal Bank of Scotland's Asian assets, along with Australia's ANZ Bank and Anglo-Asian lenders HSBC and Standard Chartered Bank...