16.09.2014 - China's global mining play is failing to pan out
China's National Audit Office in June blamed mismanagement for losses on at least 10 foreign investments by China Investment Corp., the US$600 billion sovereign-wealth fund that bought tens of billions of dollars in resource-related holdings between 2009 and 2012. The office didn't specify which deals. CIC has begun shifting away from energy investments and into other sectors, according to people familiar with the fund. Energy and metals deals fell to two-thirds of China's offshore investments in 2013, from 80 per cent in 2005, according to the American Enterprise Institute and Heritage Foundation data, and China's US$53.3 billion in resource investments last year was below the record US$57.5 billion in 2011...............................................Full Article: Source
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