China Mining United May Raise $2 Billion More for Deals
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China Mining United Fund plans a second fund to buy “significant” minority stakes in gold, iron-ore and metal companies in Africa and elsewhere, said Alistair Ruiters, an advisor to the fund.
“The first fund started at $1 billion and closed at about $2 billion,” Ruiters, who is also executive chairman of Ruukki Group Oyj’s South African unit, said in a speech in Johannesburg today. “I can only surmise the second fund will follow that particular structure.” One of Ruukki’s biggest shareholders is Kermas Group, China Mining United Fund’s partner in Africa.