China's Inner Mongolia region to set up govt-controlled mining investment co |
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Tue, 16 Oct 2007 10:20
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BEIJING (XFN-ASIA) - China's Inner Mongolia region plans to set up a government-controlled mining investment company to enhance exploration in the energy-rich region and tap resources overseas, the Inner Mongolian government said.The company will have an initial registered capital of 10 bln yuan, in which Inner Mongolia government-owned Mining Exploration and Development Group Corp will inject 5.1 bln yuan and take a controlling 51 pct equity interest, it said.The remaining 4.9 bln yuan will be funded through private placements at home and abroad.The company will invest in coal, coal-bed methane, non-ferrous metals, ferrous metals as well as rare-earth metals, the government said.The firm will look overseas for resources exploration, with its focus on Mongolia and Russia.The regional government noted that the investment vehicle will also join in the restructuring and initial public offering (IPO) projects of mining companies.The investment company will roll into an industry fund eventually, it added.( 1 usd = 7.51 yuan )kelly.zang@xfn.com-xfnkz/xfnjanmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Greater China economic and business calendar -- to Oct 19 