[photopress:logistics_Zhou_Zhongshu_1.jpg,full,alignright]Zhou Zhongshu, president of China’s state-owned Minmetals and seen in our illustration, says it will consolidate its logistics business into an independent subsidiary and boost the unit’s annual capacity.
Minmetals, the country’s largest base metals trader, plans to double the annual transportation capacity of the unit to 100 million tonnes in coming years.
China’s logistics sector has expanded rapidly in recent years but continues to pose bottlenecks for the country’s fast-growing economy.
Zhou Zhongshu also proposed that China set up a national mining development fund for domestic and overseas projects, under the initiative of the country’s sovereign wealth fund, which manages $200 billion.
He said ‘We suggest that the China Investment take the lead, in cooperation with major domestic metals and minerals enterprises, to develop domestic and overseas mineral resources.’
Zhou Zhongshu also said Minmetals, parent of Hong Kong-listed Minmetals Resources and Shanghai-listed Minmetals Development, is studying plans for a listing of the whole group although he gave no details about a timeframe or potential size of the offering.