July 9, 2016 / 2:24 AM / 2 years ago

China Molybdenum looking for further acquisitions - exec

SYDNEY, July 9 (Reuters) - China Molybdenum Co Ltd (CMOC) is interested in acquiring more mining assets globally including in Australia, the company’s international chief executive was quoted as saying in The Australian newspaper’s Saturday edition.

While many global miners have been looking to sell assets, China has still be striking commodity deals around the world to secure supplies of raw materials.

CMOC earlier this year agreed a $2.65 billion deal to acquire a majority stake in the Tenke copper project in the Democratic Republic of Congo from Freeport-McMoRan Inc, .

The deal came just weeks after the Chinese company said it was buying Anglo American Plc’s niobium and phosphates business in Brazil in a $1.5 billion deal.

Despite committing large sums of capital during 2016, CMOC continues to look for fresh deals, CMOC International Chief Executive Kalidas Madhavpeddi said.

“We will continue our pursuit of other assets internationally. Again, we are very patient long-term investors,” Madhavpeddi told the paper.

“We are always interested in growing more in Australia. I think we just have to match up with the right quality of asset,” said Madhavpeddi.

China Moly, as it is known, already has a presence in Australia after acquiring a copper and gold mine from Rio Tinto Ltd for $820 million. (Reporting by Colin Packham; Editing by Ed Davies)

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