China's MMG joins hunt for distressed mining assets

Sydney

HONG Kong-listed MMG Ltd said on Monday it will look to buy assets of distressed miners in need of cash, joining a shortlist of companies with the financial means to turn predator.

The China-owned copper and zinc miner operating in Peru, Australia, Democratic Republic of the Congo and Laos, is ready to continue its seven-year growth trajectory after starting shipments in January from the US$10 billion Las Bambas copper lode in the Peruvian Andes.

MMG's parent, China Minmetals Non-ferrous Metals, has set a target for 2020 for MMG's enterprise value to increase to between US$15 billion and US$20 billion from just under US$10 bil…