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Wednesday, February 10, 2010

China is buying up the world

It’s no secret that China is the world’s largest commodity buyer, but it’s now clear they intend to own the world’s commodity producers, too.

A recent SEC filing has revealed that China Investment Corp., China’s massive $200 billion sovereign wealth fund, has been buying up large chunks of several resource companies, including potash, base-metals, and gold mining companies.

The detailed filing shows the fund has spent billions on mining and energy companies such as Kinross Gold, Potash Corp., Teck Resources, Vale SA, Freeport-McMoRan, and ArcelorMittal. The fund also owns $155 million in shares of GLD, the gold ETF.

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