China's mining companies begin moving overseas

Not long ago, I wrote about how Chinese oil companies like PetroChina PTR and CNOOC Ltd. CEO are shifting their focus beyond their own backyard and have begun to expand overseas. Over the past decade, Chinese oil companies have been snapping up energy-rich assets around the globe in order to fill China's growing need for resources. Just last year alone, China-based firms spent more than $30 billion in overseas deals. In contrast, the world's largest importer of commodities, like copper and iron ore, spent a paltry $4.5 billion on overseas mining deals. According to PricewaterhouseCoopers, this comprised only 6% of global mining transactions in 2010. The discrepancy lies in the fact that China became a net oil importer in 1993. The country only recently became a net importer of metals and minerals. This transition has awakened the dragon, and China's largest mining firms seem determined to make up for lost time. Continue reading the article.