China Minmetals still keen on buy: Noranda

China Minmetals was still keen on acquiring Noranda Inc., the large Canadian miner said Tuesday, but it was uncertain when the drawn-out process would reach an end.

"China Minmetals, as I understand it, is still very interested in purchasing Noranda. However, we are not quite certain when they will make a final decision," Noranda's chief executive, Derek Pannell, said.

Pannell said the lengthy process involving the State-owned Chinese trading firm was "frustrating" as it was keeping a lid on Noranda' stock price.

Pannell repeated a Feb. 4 statement that a deal with Minmetals would either be sealed or terminated within a matter of months. In the meantime, Noranda is looking at alternatives, which he did not elaborate on.

"The management of Noranda are as anxious as the shareholders to see this process terminated," he said.

Minmetals and Noranda announced in September that they were in exclusive talks on the Chinese firm buying 100 percent of the Canadian zinc, nickel and copper miner.

No firm agreement was reached and in November, Noranda opened the field to other potential suitors. Nothing concrete has emerged since.

Source: Shenzhen Daily-Agencies