Chemicals group Sinochem may be preparing a massive bid for PotashCorp, but Chinese companies aren’t only interested in Canada’s biggest companies. On Friday, China’s largest producer of nickel and cobalt, Jinchuan, agreed to buy a Canadian metals explorer for a fraction of the price that Potash could fetch.

That shows the many levels at which Chinese companies are expanding - thanks to their new-found wealth, their keenness to secure raw materials and technology, and the government’s “going out” policy, which encourages domestic players to push overseas.

Jinchuan already owns 14 per cent of Continental Minerals, which is listed on the TSX Venture Exchange. it will now pay $417m for the remaining shares, a 13 per cent premium on Continental’s previous closing trading price.