HK-based Mining fund

[drbubb]

[miningmx.com] -- A new $1bn fund has been established by a Hong Kong-based capital raiser to invest in mining assets, banking on catching the bottom of the price cycle with a longer-term eye on Africa, Reuters reported on Friday.

 

The fund, called World Mining Investment, will open with $400m under management by the end of April and will be fully capitalised to $1bn by the end of November, according to WMI's chairpersoon Didier Rault.

 

Rault said the initial capital came from a group of four Chinese and Chinese-American investors.

 

The fund will invest in mining companies, especially those in Australia and Canada, with a longer-term eye on Africa and Central Asia. Targets will include copper and gold operations, through coal mines, diamonds, and even oil.