Minmetals tightens up non-ferrous operations

Company aims to grow into a leading miner on the global stage

Beijing - The nation's largest metals trader, China Minmetals Corp, will set up a joint venture with its controlled company Hunan Nonferrous Metals Holding Group (HNG) to further consolidate its domestic nonferrous metals business.

Minmetals will inject most of its nonferrous mining assets into the new joint venture and use it as a platform to acquire more mining assets domestic, said sources familiar with the matter. "The new joint venture will be based in Central China's Hunan province," the sources said.