China Molybdenum's acquisition of trading house IXM is central to the company's growth strategy for the coming years and it will continue to survey the market for more M&A opportunities, the company told Fastmarkets.
The Chinese mining company, which has spent $4.65 billion in the past two years on an acquisition rampage, remains open to buy new assets if the right ones appear."We are looking for metals we already have, but also others that we don't," China Molybdenum company secretary Rubin Yue told Fastmarkets in a December 11 phone interview from China.China Molybdenum's push for growth by acquisition has come concurrent with western mining companies shying away from making bold bets on assets.In 2016, when the company agreed to buy Freeport McMoRan's $2.65 billion interest in the Tenke Fungurume copper-cobalt mine, copper prices were languishing well below $5,000 per tonne, with the LME's three-month copper price plunging to six-year lows of $4,315 per tonne on January 15.The price has since rallied, closing most recently at $6,005 per...