China's consumption of raw materials in 2007

Any doubt that the first shots in a new economic war have been fired were removed yesterday as Chinese companies announced four deals in the resources sector.

The deals came only two days after Chinalco, the state-owned aluminium company, took a 12 per cent stake in Rio Tinto - the largest share acquisition by the Chinese in a foreign company.

China's rush for resources comes as the Government seeks access to the metals, minerals and energy needed to feed its rapidly growing economy.

The moves announced yesterday with first-tier companies such as Anglo American and RusAl confirm that the Chinese have stepped up their attempts to gain control of foreign resource assets. Among the deals announced was a far-reaching strategic partnership between Anglo and the China Development Bank to “develop projects in China, Africa and elsewhere”.

Anglo did not put a value on the arrangement but it will give it access to Chinese funds to build new, multibillion-dollar mines.

Rusal, the Russian aluminium company, signed an agreement with the China Power Investment Corporation (CPIC) to create a giant metals partnership spanning Africa and China. Soco International, a British-listed oil company, sold a Yemeni oilfield to Sinochem Petroleum for $465million (£235million). Fortescue Metals, an Australian iron ore producer, said that it was in talks with suitors, thought to be China Shenua Energy and the China Investment Corporation.

The almost simultaneous announcement of the partnerships was a coincidence, but they have highlighted, nevertheless, China's growing presence in the resources sector, particularly coming so soon after the Chinalco-Rio Tinto share acquisition.

China is forecast to consume more than half of all the world's key resources within the next decade and the country is seeking to control mines and oilfields to ensure its supplies.

China is already the world's largest consumer of every big resource except oil and accounts for 47 per cent of all iron ore, 32 per cent of aluminium and 25 per cent of copper.

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