China Investigates Neighbors' Resources Such As Iron Ore-Report

4th Jul 2010 10:26

BEIJING (Dow Jones)--China's government has started an investigation into its neighbors' resources reserves, such as iron ore, and is seeking possibilities of mergers and acquisitions in the future, the China Business Journal reported Saturday. The investigation, launched by China's Ministry of Land and Resources and the Ministry of Finance, targets iron ore, gold, copper and bauxite, said an unnamed official with the science and international cooperation department of the Ministry of Land and Resources, according to the report. A reason for the ministry to work on an overseas resources strategy is iron ore pricing power held by BHP Billiton Ltd. (BHP), Rio Tinto PLC (RTP) and Vale SA (VALE, VALE5.BR), said the official, according to the report. Besides some neighboring countries such as Russia, China is also investigating countries in east Asia, southeast Asia, Africa and south America, the report quoted the official and Song Kui, a government think tank research in northwest China's Heilongjiang province, as saying. Newspaper website: http://www.cb.com.cn/ -By China Bureau, Dow Jones Newswires; (8610) 8400-7799; [email protected] (END) Dow Jones Newswires July 04, 2010 05:26 ET (09:26 GMT)