Canadian fund targets China resource projects

A Canadian mining fund is hoping to become the first foreign fund focused on helping China secure foreign resources assets, the Financial Times reported. Global Mining Corporation, based in Toronto, is working to raise US$250 million from sovereign wealth funds in China and the Middle East to target Chinese overseas mining projects. "There are a lot of sovereign wealth funds that have money to deploy and are looking for new ways to put that money to work," said Global Mining’s president, Keith Spence. The fund aims to provide expertise in identifying projects and potentially preparing exit strategies.