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Market Chatter: China Taps State-Backed Commission to Manage Overseas Mining Deals

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Beijing has tasked the National Development and Reform Commission (NDRC) to manage the coordination of its overseas metals and mining deals, Bloomberg News reported Thursday, citing sources.

Guangyan International Investment, which is owned by state firm China Minmetals, will invest in projects, as well as offer support on compliance and the planning of international contracts, the report said.

In May, major metals companies, such as Zijin Mining Group (SHA:601899, HKG:2899) and China Baowu Steel Group, were told in a meeting that they would be receiving support from the government for overseas investments, sources told the media outlet.

Guangyan International Investment does not have an email address, butreached out to China Minmetals for comment, and they have yet to respond.

The NDRC, Zijin and Baowu did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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