by Bloomberg 05:55 AM Dec 24, 2009HONGKONG -
The Noble Group, which is armed with US$650 million ($916 million) from China Investment Corp, is seeking acquisitions and targeting annual growth of 20 per cent as commodity demand grows, according to chief executive officer Richard Elman.
"We are now in the position to keep growing the business for the next one to two years," Mr Elman, who will become executive chairman on Jan 1, said yesterday. "We will expand our asset base but it will be selective."
Noble, which has grown from trading commodities to owning mines and processing plants, generated US$36 billion in revenue last year and US$577 million in profit.
The company yesterday agreed to a takeover of its controlling stake in Gloucester Coal, making it the biggest shareholder in Australia's largest independent coal producer.
"Our business will continue to grow hopefully 20 per cent next year and the year after," Mr Elman said. "We normally arrange our financing and then go out and expand the business. We are in a very comfortable financial position."
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