The long and winding Silk Road: Chinese sovereign fund looking at Vasolkovskoye gold mine
The Silk Road Fund, China’s $40billion investment pool along the ancient Central Asian trade routes, is considering a joint bid for Glencore Plc’s Kazakhstan gold mine.
The fund, partnering with the state owned China National Gold Group Corp., is looking at a possible joint offer for the Vasilkovskoye mine, according to unnamed sources at Bloomberg.
Shandong Gold Mining Co. and Zijin Mining Group Co. are just two other potential suitors which would compete with the Silk Road Fund for the asset.
Read: A great debt: Glencore exploring potential sale of Kazakhstan gold mine
The Silk Road Fund was set up in 2014 with the backing of the nation’s sovereign wealth fund, state owned Export-Import Bank of China and policy lender China Development Bank Corp. The fund focuses on investments in infrastructure and resources aligned with President Xi Jinping’s New Silk Road, which looks to bolster the nation’s economic situation worldwide.
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