Chinese firms are on the prowl for mining investments in Africa, South America and central Asia as they look to feed ever expanding domestic demand for key commodities, but are switching away from Australia and Canada, which are getting too expensive.

Iron ore and copper have been the hot targets over the past few years, but more recently, China Guangdong Nuclear Power Corp has gone after uranium in Africa, and firms are now seeking gold, nickel, tin and coking coal, too.

They used to prefer Australia and Canada for their political stability, but state-owned and private Chinese investors say assets in those countries are becoming too expensive.

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