China`s second largest gold miner, Zijin Mining Group is seeking other overseas copper acquisitions after its takeover of Monterrico Metals in Peru to help provide raw materials for a proposed copper smelter. The company is also planning in invest US$100 million in a lead and zinc project in Tuva.
It is also looking at a copper-nickel mine in Russia, said Wayne Gao, deputy general manager and senior gelologist for Zijin`s overseas development division.
Zijin hoped to build a 400,000 t/y copper smelter in its home province of Fujian, Gao said.
"Because we didn`t have enough secure raw material supply, Beijing didn`t approve the smelter. So we are looking to develop more raw materials projects to justify the smelter," he said.
"We will need overseas supply. A few big copper projects should do it."