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BizVerify |
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| Shanghai Donghuang Forging Co., Ltd. |
| Verified By : Huaxia D&B |
| Verified Date : 2011-11-22 |
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| China getting sophisticated in commodities - Mr Goodyear |
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Bloomberg cited Mr Goodyear former CEO of BHP Billiton Ltd as saying that China the world largest metals consumer is getting sophisticated in its commodity investments with a more commercial approach.
Mr Goodyear who ran the world largest mining company for almost five years said investments by Chinese companies in Latin America and Africa haven’t been as impressive as initially planned leading to a change in thinking.
He said that “They are taking a more sophisticated approach to this, and they will be more commercial to the way they approach these things. There are a lot of synergistic win to win opportunities out there.”
Mr Goodyear said Chinese companies have a different price forecast in their calculations for acquisitions as compared with Western companies which may expect lower prices. He said that “China sees it as ‘We’re going to use the resources for several decades, so therefore our pricing expectations are different. There will be resource needs ahead, and they will want access to these resources in the years ahead.”
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