SANTIAGO, April 9 (Reuters) - China's state-owned aluminum giant Chinalco said Wednesday it is looking to buy more mining assets, especially copper, at a time when prices for the red metal are high and demand is surging.
"We're searching lots of opportunities, but it's hard to tell now," said Xioaling Ren, vice president of marketing for Aluminum Corp of China. "To buy mines and other assets, according to the development of the companies," he told Reuters on the sidelines of the CESCO/CRU copper conference in Chile.
Asked if Chinalco was looking in South America or Africa for mining projects, Ren replied: "Wherever possible."
Chinalco earlier this year teamed up with Alcoa (AA.N: Quote, Profile, Research) from the United States to buy a $14 billion stake in Rio Tinto Plc (RIO.L: Quote, Profile, Research). Chinalco also bought the Toromocho copper project in Peru last year for $790 million.
It has previously said it hired advisers for possible domestic and foreign acquisitions involving base metal resources. Reports have said the company could spend between $2.8 billion and $4.2 billion on new assets.
Chinalco is the parent of Aluminum Corp of China (Chalco) (601600.SS: Quote, Profile, Research) (2600.HK: Quote, Profile, Research). (Reporting by Terry Wade, editing by John Picinich)
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