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MMG looking at Americas for acquisition opportunities

Keywords: Tags  MMG, Andrew Michelmore, copper, zinc, acquisition, Las Bambas, Glencore Xstrata, Shivani Singh

SINGAPORE — MMG 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 Plc’s Las Bambas copper project in Peru. Glencore has invited the first round of bids by mid-September.

Media reports have speculated that China’s Jiangxi Copper may partner with Chinalco Mining Corp. International and MMG to bid for the $5-billion project.

"We see the benefit of working with others. We can’t 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."

Melbourne, 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.

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