Mining group Xstrata Plc is still looking at possible transformational deals and other takeovers, Chief Executive Mick Davis said on Tuesday. Davis told the Merrill Lynch mining conference in Barcelona that Xstrata was holding to its strategy of seeking value through scale and diversity.
Ongoing valuation of M&A and transformational transactions, said a presentation on its website for Davis' speech.
Xstrata, the world's fifth biggest diversified mining group by market value, planned to capture merger and acquisition opportunities at the appropriate time, the presentation added.
Brazil's Vale, the world's biggest iron ore producer, held takeover talks with Xstrata last year, but the two parties called them off when they failed to agree on terms.
If that transaction would have been agreed, it would have been one of the world's biggest takeover deals.
The Anglo-Swiss firm, known for aggressively growing through takeovers, dropped plans last October for a $10 million cash bid for No. 3 platinum producer Lonmin Plc, but set up a possible later deal by buying a 25 percent stake.
Sources told Reuters last week that Xstrata planned to bid for a majority stake in Indonesia coal miner PT Berau Coal. [ID:nHKG293444]
Tuesday's presentation also said Xstrata planned to increase zinc production this year by 15-20 percent at a much lower cost base. (Reporting by Eric Onstad; Editing by David Cowell)
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