By Daily Crux Editor Justin Brill:
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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