China Minmetals Corp., the nation’s biggest state-owned metals trader, said the recent drop in share valuations of global mining companies is throwing up “a lot of opportunities” for potential acquisitions.
HSBC Holdings Plc’s China unit was hired as part of a group of banks to manage a sale of 3 billion yuan of 365-day bonds for China Minmetals Corp., according to a prospectus posted on Chinamoney.com.cn, a website of the China Foreign Exchange Trade System.
Glencore Xstrata Plc Chief Executive Officer Ivan Glasenberg said the world’s fourth-biggest mining company remains in talks with China Minmetals Corp. for an asset that’s been valued at more than $5 billion.
China Minmetals Corp., the nation’s largest metals trader, may seek to top Xstrata Plc ’s A$428 million ($389 million) agreed bid for iron ore developer Sphere Minerals Ltd., the Australian Financial Review reported, without citing anybody.
China Minmetals Corp., the state- owned metals trader, led a group that agreed to pay $5.85 billion for Glencore Xstrata Plc’s Las Bambas copper project in Peru as China seeks greater control over material supplies.
China’s state-owned asset regulator named Xu Siwei as vice president of Sinosteel Corp., replacing Zhang Hanguang. Xu, who was also appointed to the position of the Communist Party’s top representative in the company, was previously vice president of China Minmetals Corp.