CIC advised Teck that it was acquiring its Teck interest for investment purposes as a long-term passive financial investor and would hold the shares for at least one year following closing.

CIC was established in September 2007, with an initial registered capital of $200 billion drawn from China’s foreign exchange reserves. The CIC Web site states that its mission “is to make longterm investments that maximize risk adjusted financial returns for the benefit of its shareholder” and that “because its financing is grounded in financial instruments and subject to commercial obligations, CIC maintains a strict commercial orientation and is driven by purely economic and financial interests.”