China Investment Corp will invest $500m to fund the expansion of a Canadian coal mining company in Mongolia, the latest in a string of global resources deals by China's sovereign wealth fund.
CIC will buy 30-year debentures that pay 8 per cent per annum and will be convertible after one year into a total of 22 per cent of the common shares in SouthGobi Energy Resources, a subsidiary of Canadian mining group Ivanhoe, the companies said yesterday.
CIC has been on a buying spree in recent months, investing in minority stakes in resources and mining companies from Canada, Kazakhstan, Indonesia and Singapore.
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