Chinese mining group to invest $1 bln in Peru

[BirdGuano]

http://www.breitbart.com/article.php...cle=1&catnum=4

Chinese mining group to invest 1 bln dollars in Peru
Feb 8 12:28 AM US/Eastern

The Chinese-owned mining company Shougang Hierro Peru is to invest one billion dollars to expand production at its plant in southern Peru by 10 million tonnes per year, the company's chairman said.

"The investment of one billion dollars will help expand the plant's production capacity by 10 million tonnes per year," said Wu Bin after meeting with Peruvian President Alan Garcia.

He said he hoped the plant's expansion would be operational by the end of 2010.

Shougang Hierro Peru is a private company that extracts and processes iron ore. Its main mining and metallurgical operations are located 530 kilometers (330 miles) south of Lima in the San Juan de Marcona district, in Nazca province.

The company is owned by China's Shougang Group, which took over mining management and operations in January 1993. It is one of the top five exporters to China.

[Fattail]

Investing in mining and buying volvo from Ford??? I thought the chinese only invested in US Treasuries.

[BirdGuano]

Originally Posted by Fattail

Investing in mining and buying volvo from Ford??? I thought the chinese only invested in US Treasuries.

Gotta do something with all of those dollars sitting in their soverign wealth fund, before they aren't worth anything.

[Fiddlerdave]

With the dollar high right now and commodities across the world low, the world is one big dirt cheap fire sale to a wealthy shopper with a couple trillion on hand.

China's raw material shortages will be much less of a problem for them in the coming times. Other countries, however, will see their raw material costs go up because China has cornered sources. The Chinese lke to do that very much, and probably will be able to monopolize entire industries because of their coming control of the raw materials needed.