China's Silk Road Fund in joint bid for Glencore mine

Hong Kong

CHINA'S Silk Road Fund, a US$40 billion pool set up to invest along the nation's ancient trade routes with Central Asia, is discussing a joint bid for Glencore plc's gold mine in Kazakhstan, people with knowledge of the matter said.

The Silk Road Fund is partnering with state-owned China National Gold Group Corp on a possible joint offer for the Vasilkovskoye mine, which could fetch about US$2 billion, according to the sources. The group is in discussions with Glencore, though there is no certainty that it will win the bidding, the sources said, asking not to be identified as the information is private.