Minmetals Plans $2bn Mining Acquisition

31 January 2011 (Last Updated January 31st, 2011 18:30)

China Minmetals Group subsidiary Minmetals Resources is planning to invest up to $2bn in copper, lead, zinc and nickel mining acquisitions. The news follows Minmetal's $1.85bn cash and shares acquisition of China Minmetals Group’s Australian MMG unit in December, comprising the world’

China Minmetals Group subsidiary Minmetals Resources is planning to invest up to $2bn in copper, lead, zinc and nickel mining acquisitions.

The news follows Minmetal's $1.85bn cash and shares acquisition of China Minmetals Group’s Australian MMG unit in December, comprising the world’s second-biggest zinc mine and other assets in Australia, Laos and Canada.

Minmetals Resources CEO Andrew Michelmore told Bloomberg that the company may also invest in minerals sands, alumina, bauxite and uranium acquisitions.