BHP Billiton Ltd is considering partnering with Chinese miners to seek and invest in mineral ore mines overseas to meet increasing demand for raw materials.
The world's biggest mining company can work with current "strategic partners" such as Tongling Nonferrous Metals Group Holdings Co (
China's economy expanded more than 11 percent for a fourth straight quarter in the three months ended Dec. 31, supporting global economic growth and demand for iron ore, copper and aluminum. BHP Billiton is boosting production of commodities to meet rising demand from nations such as China.
"Considering the capital funding and investment abilities of the Chinese companies, we're looking at the small-and medium-sized mineral ore mines," Shanghai-based Yue said. "We're talking to the Chinese companies and haven't had any targets in mind or a time frame."
The supply of mineral ores from BHP Billiton and Chinese mining companies are not enough to meet rising demand for raw materials in the world's most populous nation, Yue said. Chinese mining companies are showing "keen interest" to acquire assets and BHP Billiton has the expertise in exploring and excavating mineral ore mines, he said.
"For Chinese mining companies, there is keen interest in acquiring assets overseas and we're also looking for such assets," Yue said. "If we find suitable assets, we can cooperate and develop these projects."
BHP Billiton and rival Rio Tinto Group, the world's third-largest mining company, are demanding an iron ore price increase for annual contracts starting tomorrow that would exceed the 71 percent gain won by Brazil's Cia. Vale do Rio Doce.
"The annual price negotiations are always difficult," Yue said. "We have a standard global pricing level for the minerals and the pricing varies only in transportation costs."
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