ZIJIN Mining Group Co. aims to keep buying gold and copper assets outside China for the next decade, kickstarted by making almost US$1 billion in acquisitions in the past year.

    Zijin, the world’s biggest gold producer by market value, announced last month plans to buy stakes in Barrick Gold Corp.’s Porgera mine in Papua New Guinea and Ivanhoe Mines Ltd.’s Kamoa copper project in Congo.

    “One of our strategies for the next 10 years is globalization, we are trying to make a wide portfolio of assets,” executive director and vice president George Fang said Tuesday.

    “In terms of business development and the corporate development, of course we are open for potential opportunities.”

    Zijin said Monday it will make a takeover offer for Phoenix Gold Ltd. valuing the Australian explorer at US$36 million. It’s competing with BHP Billiton Ltd. and Teck Resources Ltd. for Barrick’s Zaldivar copper mine in Chile, according to sources familiar with the matter.

    Chinese producers are seeking to take advantage as global mine asset valuations tumble amid a commodity rout and as large competitors work to trim portfolios to lower costs and cut debt.

    In the past year, Zijin has announced or completed deals and investments valued at about US$992 million, making it the industry’s most acquisitive company.

    “Gold and copper is our major activity in the mining industry,” Fang said. “For our next move, we will focus on our major sector.”

    Zijin has “investigated” Barrick’s Zaldivar, which is “one of the most famous copper operations in South America,” said Fang, who declined to confirm if the company is bidding, citing confidentiality issues.

    Growth in demand for gold in China will continue to rise as its middle class swells by around 500 million people in the next five years, adding to jewelry purchases and investments, according to the World Gold Council. (SD-Agencies)