Minmetals Seeks Metal Assets in South America, Southern Africa

China Minmetals Corp., buying OZ Minerals Ltd. for A$2.6 billion ($1.7 billion), is seeking metal assets in South America and southern Africa, taking advantage of seven-year low commodity prices to secure supplies. China’s largest metals trader may also “do some domestic acquisitions” this year, President Zhou Zhongshu said today in Beijing. It is still waiting for approval from the Chinese government for its planned takeover of Australia’s OZ Minerals, he also said.