China, the world's number one resource consumer, spent $16.1 billion on acquisition in the global mining and metal industry last year, representing 27% of the world's total, according to an Ernst & Young report out Thursday. Of the $16.1 billion, $9.3 billion was linked to Australian and Canadian assets. China has invested more than $50 billion in 369 acquisitions of the mining and metal sector, of which 80% took place since 2008, said the report. The industry saw 1,047 deals valued at $60 billion in 2009; the value plunged 50% from the year before.
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