MMG managing director Jerry Jiao has expressed plans for the Chinese miner’s expansion and desire for new investments.
In the last 12 months Australia’s top 50 mid tier miners have plunged into the red, posting losses of more than $1 billion dollars, while there was no love lost with investors, wiping more than $17 billion off market values.
Widespread deal inertia and a gap between seller and buyer price expectations are contributing to the further decline in mining deal volumes and values over the third quarter.
Sluggish merger and acquisition activity in the mining sector is set in for the medium term, with mining majors more likely to shed assets then add them to their swag, PwC global mining leader John Gravelle says.
While optimism in the economy is rising, many miners are still wary over mergers and acquisitions.