(Bloomberg) -- Rio Tinto Group and Saudi Arabia’s state-backed Manara Minerals Investment Co. are among suitors considering bids for a stake in First Quantum...
-- Rio Tinto Group and Saudi Arabia ’s state-backed Manara Minerals Investment Co. are among suitors considering bids for a stake in First Quantum Minerals Ltd. ’s Zambian copper mines , according to people familiar with the matter.Japanese trading houses Mitsui & Co. and Sumitomo Corp. have also been studying the assets, the people said, asking not to be identified as the talks are private.
A spokesperson for Sumitomo said that the company continues to explore opportunities to acquire stakes in copper operations, declining to comment on specific deals. Spokespeople for First Quantum, Rio, Mitsui and Jiangxi Copper declined to comment. Representatives for Manara and Zijin Mining couldn’t immediately be reached.The copper mines are attracting interest from a range of investors because demand for the metal is expected to soar in coming years.
Rio, the world’s second-largest mining company, is generally reluctant to be a non-operator and has also avoided the central Africa region. The company’s copper head said at a recent conference that he sees much more value in building mines rather than buying existing assets. Still, the company has some ties with First Quantum and sold it a majority stake in a development project in Peru last year.
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