China Minmetals Corp., one of China's top mining companies, is planning to expand its ferrous resources tenfold during the next five years, to meet the rising demand for raw materials, a company executive has said, as reported by Chinese media sources. The Beijing-based company, which is also the country's largest metals trader, aims to acquire more mining resources to increase its share of upstream resources and become a global mining conglomerate.
As one of six principal business divisions of China Minmetals Corporation Limited (CMCL), Minmetals Mining Holdings Limited is a consolidated platform for ferrous resource development both in and outside China, said Zhang Ye, executive director of Minmetals Mining.
"We aim to multiply ferrous mining assets by tenfold during the next five years, with overseas mining assets accounting for more than 50 percent," Mr. Zhang said.
Minmetals Mining's subsidiaries include two of China's largest iron ore producers, namely, Minmetals Hanxing Mining (previously known as Hanxing Metallurgical Mine Administration) and Minmetals Luzhong Mining, which was formerly Luzhong Metallurgical Mining Group Corporation. These two companies hold iron ore reserves of almost 1 billion mt.