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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (54606)	10/21/2004 11:04:15 AM
From: RealMuLan	Read Replies (2) \| Respond to of 74559

Official calls Chinese Noranda takeover a start CTV.ca News Staff China's Foreign Minister says his government's attempt to buy mining giant Noranda Inc. is just the first step in a larger plan to stake a claim on Canadian resources. In an exclusive interview published in The Globe and Mail on Thursday, Li Zhaoxing says China has little choice but to look abroad for raw materials. "Given our rapid economic growth, we're facing an acute shortage of natural resources," Li told the paper in Beijing. "No matter how plentiful our natural resources, when you divide them by our population of 1.3 billion, the figure will be very small. "The Chinese government is encouraging Chinese enterprises to make investments in Canada, particularly in the field of resources exploitation." Although the minister did not specify any other deals that may be in the works, The Globe reports that major investments in Alberta's oil sands, or Canadian-owned overseas mining concerns are likely targets. The comments are the first from a Chinese leader since state-owned China Minmetals Corp. announced its exclusive negotiation of a $6.7-billion offer for 100 per cent control of Noranda. The deal, which is expected to be finalized by mid-November, would be the largest single investment in Canada by a Chinese corporation. As soon as it was announced, MPs began raising questions in Ottawa. Led by the NDP, critics of the deal have called on the minority Liberal government to review the proposed deal in light of China's human rights record before approving it. The current review by Industry Canada is unlikely to investigate with an adequate focus on human and worker rights, they say. In his interview, Li dismissed those concerns. "China's development will not threaten anybody or compromise their interests," he said. "China's peaceful development serves not only the maximum interests of its people but also the common interests of people around the world." Li also told the paper that Prime Minister Paul Martin is planning to visit in the next few months. If confirmed, it would be his first to the country since becoming prime minister. ctv.ca

To: RealMuLan who wrote (54606)	10/21/2004 1:36:09 PM
From: elmatador	Read Replies (1) \| Respond to of 74559

Slow to establish connections with Portuguese- and Spanish-speaking countries, China now is moving aggressively. Almost overnight, it has become Brazil's second-largest trading partner, after the United States, buying Brazilian iron, steel, aluminum and soy. China's bilateral trade with Brazil has quadrupled since 1999, to $6.7 billion last year. In return, China is backing Brazil's effort to gain a seat on the United Nations Security Council. "China is intimidating from a military and industrial standpoint, but its special regions have a different image," Brazil's trade minister, Luiz Fernando Furlan, said here at the trade talks last year, referring to Macao and Hong Kong, according to The Associated Press. In Northern Brazil, a $1.5 billion steel mill is being built in a joint venture between the Shanghai Baosteel Group and Companhia Vale do Rio Doce of Brazil, the world's largest iron ore producer. C.V.R.D. also has a partnership with the Chinese aluminum producer Chalco to build a $1 billion alumina refinery, also in northern Brazil. We'll get there, Yiwu