China squirrels away copper for a sunny day

The $1.4bn bid for PanAust by state-owned Guangdong Rising signals China’s confidence in its own economic outlook and a conviction it can shift that economy’s emphasis towards consumption.

Coming hard on the heels of last month’s $US6.25 billion acquisition of Glencore Xstrata’s Las Bambas copper mine by China’s MMG group, the prospective $1.4bn bid for PanAust by the state-owned Guangdong Rising Assets Management says something interesting about China’s view, not just of the longer term outlook for copper, but of China’s economic growth prospects.

One could throw Baosteel’s $1.4bn with Aurizon for Aquila Resources and its iron ore project into the discussion but copper is a particularly significant metal for the Chinese to be focusing on.



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