#China’s Supply-Chain Scramble Now Comes With Added Commodities
#Freeport-#McMoRan Inc. agreed to sell its #Copper and #Cobalt mine in the Democratic Republic of #Congo to #China #Molybdenum Co. for $2.65 billion.
A new report from #Macquarie Capital Ltd. underscores the strategic nature of the proposed acquisition, with China’s interest in the second metal — cobalt, a key ingredient for rechargeable car batteries that China is leaning on both to reduce pollution and modernize its manufacturing sector, — lying at the heart of the deal. As the country seeks to modernize its economy and pivot away from traditional, pollution-heavy industries the need for niche materials becomes more pressing, and China is striking deals to take control of fragile commodity supply chains that stretch around the world.
Read more at: http://www.bloomberg.com/news/articles/2016-05-31/china-s-supply-chain-scramble-now-comes-with-added-commodities