Chinese Miners Boost Expansion Abroad, S&P says
Chinese miners have boosted their expansion abroad, pointing to a structural change in the sector, S&P Global Ratings said in a Monday release.The recent development is in contrast with the previous government-pushed "go-out" phase led by state-owned enterprises, S&P said.Private companies are focusing on acquisitions abroad to become global players, increase product portfolios, and push for geographic diversification, the rating agency said.Companies that have better financial strength and are more commercially driven have led the overseas move, while metals markets continue to be favorable, S&P said.The rating agency views rated Chinese miners as having broadly solid operating cash flow and good financing access, which anchor their ability to have material investments abroad.