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HK-based Mining fund


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[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.


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