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Std Bank, ICBC in $1bn resources fund Posted: Thu, 25 Oct 2007 [miningmx.com] -- STANDARD Bank and Industrial & Commercial Bank of China Limited (ICBC), China’s biggest bank by market capitalisation, were planning to set up a global resource fund to target investment in mining, metals, oil and gas, projects, and associated industries anywhere in the world. The yet-to-be established fund would have a total investment threshold of $1bn, and an initial commitment of $500m. It was likely to be set up by early next year, they said. Simon Ridley, Standard Bank Group financial director, said both Standard Bank and ICBC would commit equal percentages to the global resources fund. They did not ruling out a possibility of third party participating and investing in the fund. There is a huge demand for resources such as precious metals, oil and gas in China and this is also driving the commodities markets. Ridley said ICBC was interested in taking part in the resources sector and Standard Bank could provide access to over 250 professionals in commodities and resource financing worldwide. Standard Bank would also contribute to the fund by creating deal flow and fund investment opportunities. “We will also leverage global franchise in resources industry,” he said. ICBC could assist the fund by facilitating access to investment opportunities in China and contributing funding sources. “We will complement each other,” said Ridley. Investment Solutions’ chief economist Chris Hart said the proposed global resources fund by Standard Bank and ICBC was a great opportunity. “I think at the end of the day it gives investors a great area to invest in resources,” he said. He was curious to see where Standard Bank and ICBC were planning to invest in. In Africa, the fund would look for investment opportunities in countries such as the Democratic Republic of Congo and Angola. Click Here to subscribe to our daily newsletter
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