Nimble-footed Minmetals snaps up Aussie miner

A leading Chinese non-ferrous metal company yesterday won approval for its acquisition of a top Australian miner - only days after China's dominant aluminum company was thwarted in its bid for a bigger stake in another Australian miner.

China Minmetals Non-ferrous Metals Co Ltd (Minmetals) was dexterous in its dealing with OZ Minerals Ltd, setting an example for Chinese enterprises investing in overseas resources, experts said.

Minmetals acted quickly to raise its offer for OZ's assets from $1.21 billion to $1.39 billion, responding to increasing domestic and international metal prices in recent months, showing more flexibility than seen in the aborted deal between Aluminum Corp of China (Chinalco) and Rio Tinto.