Canadian Mining Stocks On Fire, As The New Chinese Buying Binge Goes North

Last week it emerged that China intended to start a second wave of its ferocious dollars-for-hard-assets campaign that went into full gear in the first half of the year.

It looks as though Canada will continue to be a major beneficiary of China's plans.

MineWeb: Canadian mining stocks jumped on Tuesday after Corriente Resources Inc (CTQ.TO), which has a copper-gold project in Ecuador, agreed to be taken over by Chinese suitors in their country's latest bid for an international resource developer.

The C$679 million ($653 million) bid from Tongling Nonferrous Metals Group Holdings Co Ltd and China Railway Construction Corp Ltd (601186.SS), announced on Monday, comes more than a year after Corriente started talks to sell the company.

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Other active miners on Tuesday included Guyana Goldfields Inc (GUY.TO), up 11 Canadian cents at C$7.85, and Stornaway Diamond Corp (SWY.TO), up 8 Canadian cents at 64 Canadian cents.

The bid for Corriente follows a slew of takeovers of Canadian-based firms by Chinese state companies that are flush with cash and hungry for resources.