Hungry for more acquisitions, Minmetals turns to nickel
Minmetals is not finished acquiring companies to add to its stable of base metal mines, according to Bloomberg.
The state-run Chinese miner, with operations in Australia and Laos, a month ago snapped up Anvil Mining for $1.3 billion, thus expanding its reach into Africa. Anvil’s key asset is the Kinsevere mine, located in the Democratic Republic of Congo.
Bloomberg reports the firm is planning more takeovers because it needs to extend the life of its mines and boost valuations. Minmetals' stock is undervalued compared to other comparable raw materials producers and consummating more deals would help raise its valuation, says the story, quoting a manager at First Asset Investment Management Inc.: