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Article: China : CIC, Mongolia Miner Reach Deal.
- Article from:
- TendersInfo
- Article date:
- October 29, 2009
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Byline: sanjayV03
China Investment Corp. has reached a deal to invest up to $700 million in Mongolia-focused Iron Mining International Ltd., the latest move by the sovereign wealth fund to plow cash into commodities.
CIC is rapidly deploying its capital this year to try to catch the upside of a global economic recovery by buying into natural resources and property assets. On Wednesday, CIC Chairman Lou Jiwei told a forum that CIC has allocated $110 billion for overseas investments and deployed around half. Commodities have been a major focus of the fund's investing strategy and asset allocation, he said.
Originally, CIC was expected to allocate ...