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canadas teck cominco eyeing up australian miners Now let me see, whom might be on that list.....!!

Canada's Teck Cominco eyeing up Australian miners
8-August-06 by AAP


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Canadian diversified miner Teck Cominco has Australian assets on its wanted projects list but says it won't be buying anything in the near future.

Teck Cominco president and chief executive Don Lindsay told reporters on the sidelines of the annual Diggers and Dealers mining forum in Kalgoorlie that the company kept a top ten list of assets it would like to add to its portfolio.

"We will be looking at a range of opportunities and there are opportunities here, but at the moment there is nothing we would move on quickly," Mr Lindsay said.

The company is currently in the midst of a takeover tilt at Canadian nickel company Inco, which has asked Teck Cominco to increase its offer.

Mr Lindsay said if the takeover did not eventuate the company would be flush with cash and start looking at its list of wanted projects.

"If we are unsuccessful with Inco we don't have to rush and do something else with nickel, we could move to iron ore, diamonds, copper or anything else," he said.

"If the numbers don't make sense of Inco we can walk away .... and then we'll move onto something else."

He said iron ore was a complimentary fit with Teck's other projects and the company was keen to boost the portion of revenues coming from such fixed price commodities.

"The key in iron ore for us is if we made that move we'd want to get into a project that is not currently operating," he said.

His comments caused a stir amongst the junior iron ore developers at Diggers and Dealers.

Chairman of Aztec Resources, Ian Burston, said he would be on the lookout for Mr Lindsay to draw his attention to his company's assets.

Fortescue Metals Group's company secretary Rod Campbell said he had not talked with Mr Lindsay as yet.

Teck Cominco is also developing the $C23 million Lennard Shelf zinc project in Western Australia's Kimberley region and will start producing between 70,000 tonnes and 80,000 tonnes of zinc in concentrate early next year.