FINWIRES · TerminalLIVE
FINWIRES

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

By

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.)

Related Articles

Asia

Yest Wins KRW22.8 Billion Semiconductor Manufacturing Equipment Order from Samsung Electronics; Shares Rise 6%

Yest (KOSDAQ:122640) secured an order for optical communication network equipment from Samsung Electronics (KRX:005930), according to a Thursday filing with the Korea Exchange.The contract, valued at 22.82 billion won, is valid till Dec. 30, 2027.Shares of Yest rose nearly 6% in recent trade.

KOSDAQ:122640KRX:005930
Asia

LiComm Wins Optical Communication Network Equipment Order from 1Finity; LiComm Shares Jump 30%

Electronics manufacturer LiComm (KOSDAQ:388790) secured an order for optical communication network equipment from Fujitsu (TYO:6702) subsidiary and telecommunications and network solutions firm 1Finity, according to a Thursday filing with the Korea Exchange.The contract, valued at 3.87 billion won, is valid till Dec. 6, 2027.Shares of LiComm jumped nearly 30% in recent trade, while those of Fujitsu fell nearly 3%.

KOSDAQ:388790TYO:6702
Asia

Guoco Group to Develop Singapore Property via JV

Guoco Group (HKG:0053) agreed to set up a joint venture with real estate firms, Intrepid and TIDR, to develop a residential project in Singapore's Lentor Central, according to a Wednesday filing with the Hong Kong bourse.The project, which involves a property acquired for HK$4.03 billion via tender, spans 15,925.8 square meters and could potentially yield 562 residential units,Guoco will acquire a 50% interest in the joint venture, Intrepid will own 40%, while TIDR will take the remaining 10%.The partners will contribute HK$1.45 billion to the venture in proportion to their ownership of the JV. In Guoco's case, the capital contribution will amount to HK$724.4 million, comprising HK$165.4 million in share capital and HK$559 million in loans.A further HK$3.89 billion was arranged to finance part of the property's acquisition cost and the project's future construction costs and working capital.Guoco also agreed to provide project management and services to the project under a separate agreement that would expire on June 2, 2029.Intrepid and TIDR are associated with Guoco through its substantial shareholder Hong Leong Investment Holdings.

HKG:0053