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MMG, the Hong Kong-listed miner, is eyeing opportunistic takeover opportunities in zinc and copper, the Australian Financial Review reported. The report cited MMG’s chief executive, Andrew Michelmore, as saying that the group is looking for zinc and copper, but the process would take place in the background until its Las Bambas copper project enters production next year.
Michelmore said that MMG sees a number of opportunities in copper, with many projects facing funding issues, but the company would like to diversify and replace the Century project in its zinc portfolio. Michelmore noted that there are not many zinc assets on the market so the group would have to explore to replace production at Century, which is set to close this year.
MMG is keen to grow to a top mid-tier miner by 2020. The group is mulling a secondary listing on the ASX, or in London or South Africa. Michemore noted that another listing would not be considered until Las Bambas goes into production.
Michelmore also noted that it would be hard for any buyer to take over MMG due to the backing of its major investor China Minmetals. Minmetals owns 74% of MMG.