Anglo American is set to team up with China Development Bank to help it increase its mining operations in China, Africa and elsewhere.

A memorandum of understanding between the two companies was announced today that will develop projects in resource-rich areas, Forbes reports.

Cynthia Carroll, Chief Executive Officer of Anglo American, said the agreement would "further enhance Anglo American's project potential in China".

"Anglo American has an extensive pipeline of projects around the world and is actively looking for further projects in China," she added.

Meanwhile, Chen Yuan, the Governor of China Development Bank, felt the alliance would allow the bank to do business in the natural resource industry in a "mutually rewarding" relationship.

The bank was reported to be interested in Xstrata although the bank has denied that any such talks have taken place.

But the news indicates that Chinese firms are looking to take an aggressive approach to the mining business.

Sources:

China Development Bank Teams With Anglo American, 04/02/08
http://www.forbes.com/markets/commodities/2008/02/04/anglo-american-china-markets-equity-cx_vk_0204markets04.html

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