China Minmetals in talks to buy Hunan Non Ferrous

China Minmetals Corporation’s in talks to acquire Hunan Non Ferrous Metals Corporation.

Mr Zhou Zhongshu president of Minmetals said at a mining conference in Tianjin declining to give a timetable or a reason for the purchase that “We are in discussions.”

The government is encouraging consolidation among metals producers through mergers and acquisitions to create bigger and more competitive companies. Beijing based Minmetals bought Australian OZ Minerals Limited in 2009.

Hunan province based Hunan Non Ferrous posted a loss in 2008 and is seeking funds and government help to reduce debt after metal prices slumped amid the financial crisis. The company in May 2008 agreed to buy Australian minerals miner Abra Mining Limited and gets most of its revenue from processing raw concentrates into processed metals.

Mr Zhou said that “China should be able to set its own benchmark iron ore price. It should not be forced to accept prices settled by other countries.”

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