CDB in tie up with Anglo American

Anglo American said it had secured a strategic alliance with China Development Bank (CDB) that will see the pair work on a range of mining projects, the Wall Street Journal reported. According to the memorandum of understanding, the projects will be in China, Africa and other regions with each side’s financial commitments decided on a case by case basis. Chen Yuan, governor of CDB, said that the alliance left the bank "much better positioned in doing business in the natural resources industry." A bank representative said the deal was not linked to Aluminum Corp of China’s investment in Rio Tinto, which CDB helped finance. In 2006, CDB helped fund the purchase of a 1.1% stake in Anglo American by Larry Yung, chairman of CITIC Pacific.