GREY:LCPRF - Post by User
Post by
Haidukon Sep 06, 2013 7:52am
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Post# 21722155
China (MMG) comments on Copper…
China (MMG) comments on Copper… Some interesting quotes in this article / blog about
MMG and “Las Bambas”, summarizing the Chinese approach about copper:
- “We see now good opportunity [for acquisitions]. Two years ago, the market was too hot . . . . I think it is much better now”;
- MMG, a unit of Chinese state-owned metals trader China Minmetals Corp., said it is seeking copper, zinc and nickel assets in North America, South America and Africa to boost its metal reserves;
- Chinese miners are increasingly heading overseas to secure resources;
- “The long-term copper supply-demand fundamentals remain attractive. It’s both an infrastructure play — used for power grids, real estate etc. — and also a consumer play, like appliances and computers”;
- “Chinese companies continue to buy copper-mining assets, even as copper prices are softening; there are only a few large scale new copper mines coming online in the near future, and most, like Oyu Tolgoi, are not for sale.”
It is still unclear if Chinese companies will join forces in “Las Bambas” bidding process that should start around mid-September and is scheduled to be finalized around year-end (“
Glencore keen to close the deal before year end”).
It is likely that the non-selected bidder(s) will have to change their target...
Keep in mind:
LCC sale is not a question of “if”, but “when”!
Article Link:
https://blogs.wsj.com/moneybeat/2013/09/02/chinas-zest-for-copper-shows-up-in-peru/