China Minmetals on lookout for Australian iron ore and coal assets

Friday, 20 August 2010 17:27:31 (GMT+2)

In order to expand the scope of its activities, Chinese state-owned mining giant China Minmetals Corporation is on the lookout to purchase iron ore and coal assets in Australia.

Zhou Zhongshu, president of China Minmetals, stated in an interview with the Australian press on August 20 that he has already requested Andrew Michelmore, CEO of Australian subsidiary company Minerals and Metals Group (MMG), to search for acquisition targets in Australia. Mr. Zhou said their current priority for such acquisitions was non-ferrous metals, adding that they would be keeping a lookout for iron ore and coal assets.

MMG was established in 2009 in order to acquire the zinc and copper mining assets of Australia-based Oz Minerals.

The China Minmetals president also stated that he was seeking to float part of the assets of the group as well as of its Australian subsidiary on the stock exchange, but had not yet decided the timing and the stock exchanges which would be chosen.

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