The Chinese miner that is paying $1.5bn for a group of Anglo American
mines is on the hunt for more deals, believing the time is right to pluck prime assets from struggling western rivals.
said it had more than $4bn available to acquire assets as it looks to expand its international business further after last week’s agreement to buy Brazilian niobium and phosphate mines from Anglo.
In an interview with the Financial Times, two of CMOC’s senior executives said the company had been “patient” in pursuing deals but believed the time was right in the commodities cycle to expand.
“We consider this to be the bottom of the cycle,” said Steele Li, executive chairman of CMOC.
The deal by CMOC is the largest in mining by a Chinese company this year and comes as some miners’ urgent need to improve their balance sheets may compel them to sell assets they would otherwise keep. Anglo, which sold the Brazilian mines as part of a widespread restructuring, is using the proceeds to pay down debt.
“Our strategy is to be ready,” said
Kalidas Madhavpeddi, chief executive of CMOC International, who said the group was looking to buy high-quality assets “from people who do not want to sell them”.
“There have been others that we have passed on when we felt that the time was not right or when they were not tier one?.?.?.?we have been patient,” he said.
CMOC, which is listed in Shanghai and Hong Kong and has two large shareholders who together own 63 per cent of the company’s equity, already owns one of the world’s largest molybdenum and tungsten mines in China.
以15亿美元的价格收购英美资源集团(Anglo American)矿业资产的中国采矿企业洛阳钼业(China Molybdenum)，正在寻求更多收购机会。该公司认为，现在正是从陷入困境的西方竞争对手那里攫取优质资产的正确时机。