State Grid, China's biggest power utility, has agreed to spend at least US$900m (€660m, ￡599m) to develop a large copper deposit in Chile in partnership with Vancouver-based Quadra Mining.
The deal, announced on Monday, is the latest in a string of moves by Chinese companies to gain greater control over raw materials required for their businesses.
PetroChina teamed up with Royal Dutch Shell on Monday for a US$3.4bn bid for Arrow Energy, an Australian producer of coal-bed methane gas, which can be converted into liquefied natural gas for export to China.
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