Minmetals Seeks Assets in Canada, Australia, Asia (Update1)

Oct. 22 (Bloomberg) -- China Minmetals Corp., the nation’s largest metals trader, is seeking assets in Canada, Australia and Southeast Asia, a company official said in an interview in Tianjin today. The company is looking at so-called brownfield projects, said Huang Dongmei, deputy general manager at Minmetals Exploration and Development Co. Brownfield assets are undeveloped projects located close to existing mines. “We are seeking copper, lead, zinc and iron ore assets in Canada; lead, zinc and iron ore assets in Australia; and gold and nickel projects in Southeast Asia,’’ Huang said, without elaborating. In June, China Minmetals agreed to pay $1.39 billion for Australia’s OZ Minerals Ltd., the world’s second-largest zinc mining company.