China will continue to acquire overseas copper mining assets to secure supply despite the uncertain outlook for commodity prices and scarcity of large projects, the vice-president of the country’s largest metal trader has said.
“China is very short of copper resources,” Jerry Jiao, vice-president of China Minmetals, told the World Copper Conference in Santiago. “The only way to make stable supply of copper resources . . . going overseas is the only solution.”
The world’s largest mining companies are looking to shed assets as they seek to cut their debt loads and move away from a large diversified business model focused on multiple commodities. Swiss mining company Glencore is looking to sell its Lomas Bayas copper mine in Chile, while reports have also suggested that US copper miner Freeport-McMoRan may be willing to sell a stake in its El Abra mine in the South American country.