Ltd. continues to search for copper mines to acquire, including
in the belt along the west coast of the Americas, chief
executive officer Andrew Michelmore said Aug. 29.
However, he declined
to say whether the company will bid for Glencore Xstrata
Plcs Las Bambas copper project in Peru. Glencore has
invited the first round of bids by mid-September.
Media reports have
speculated that Chinas Jiangxi Copper may partner with
Chinalco Mining Corp. International and MMG to bid for the
"We see the benefit of
working with others. We cant do everything," Michelmore
said during a conference call. "We are very clear in wanting to
grow with other people. We have experience of joint ventures in
our management personnel and in key partnerships."
Australia-based MMG, majority owned by
China Minmetals Corp., said it is looking at acquisition
opportunities in the $1-billion to $4-billion range.
"We like copper and zinc but there are very few zinc
opportunities out there," Michelmore said. "We look in those
parts of the world where the best copper mines are: in Africa,
where we bought Kinsevere, and also that strip (along) the west
coast of South America and North America."
MMG said Aug. 28 that
it was on track to deliver its production guidance of 170,000
to 185,000 tonnes of copper and 572,000 to 590,000 tonnes of
zinc in 2013.
A version of this article was first published by AMM sister
publication Metal Bulletin.