CHINA has set up a new state-backed investment company to coordinate its overseas mining deals, as Beijing seeks tighter control over global mineral supply chains amid Western efforts to curb its dominance, said Bloomberg News citing people familiar with the matter.
Guangyan International Investment Co., also known as Vast Rock International Investment Co., will operate under a broader push led by the National Development and Reform Commission, the country’s top economic planning body, said Bloomberg. The company is expected to offer support spanning direct equity investment, compliance advice, risk management and market analysis, they said.
Chinese firms have spent more than a decade snapping up overseas mining assets, expanding in Congolese copper and cobalt, taking stakes in major iron ore projects and reshaping Indonesia’s nickel sector, often while Western competitors faced shareholder pressure to rein in spending.
Beijing now wants to standardise how Chinese companies pursue international metals deals, the people said, asking not to be named given the sensitivity of the discussions. Miners will also be encouraged to share risk through partnerships rather than seeking outright ownership, particularly as costs and political complications mount.
Guangyan does not sit among China’s most senior state entities, but its role aligns with efforts by China Mineral Resources Group to consolidate the country’s bargaining power in iron ore purchasing.
