China Minmetals Considers Partnership with Ferrexpo

China Minmetals, the country’s largest metals trader, is considering the acquisition of 49.99% of iron ore projects in Ukraine owned by Ferrexpo Plc (FXPO LN: BUY) for USD ~700 mln, the South China Morning Post said, citing unidentified market sources. In June Ferrexpo Chief Executive Officer Mike Oppenheimer said the company is seeking potential partners for the USD 5 bln project to develop its Yeristovskoe and Belanovskoe deposits; he said an alliance pact was expected by the end of the year.