| China's government has announced the takeover of the biggest mining company in Canada. Chinese firm, Minmetals, which is owned by the Chinese government, is said to be paying about $US5.7 billion, for Noranda Mining... [In] Alberta province, it has also been reported that the Chinese oil company Sinopec, which is controlled by the Chinese government, is in talks to acquire a large lease of oil bearing land... The two investments are the largest international deals by Chinese companies to date... The Chinese have enormous foreign currency reserves - more than $US466 billion and growing by about $US10.8 billion every month. |