Mr Cai Runguo China's ambassador said that a Chinese firm will invest USD 3 billion in a copper mine operation in Ecuador.

He said that China needs copper and other minerals. China's natural resources are insufficient to keep up with the rapidly growing Chinese economy.

The announcement comes a year after the discovery in Ecuador of a massive deposit that is believed to have 600,000 tonnes of copper. The news marked the latest in a series of Chinese investments in the South American nation.

China has agreed to loan a billion dollars to Ecuador for energy, oil and telecommunications projects. Another USD 1.7 billion loan from the Eximbank of China is for the construction of 1,500 MW hydroelectric plant.

(Sourced from news.ph.msn.com)