According to the Australian Financial Review newspaper, China's Minmetals is holding talks with iron ore company Sphere Investments with the aim of expanding its exposure to the iron ore sector.

The paper said that it was understood that Minmetals was one of a number of companies that are holding talks with Sphere, which is selecting a partner for its Guelb el Aouj iron ore project in Mauritania, Africa. It is not known whether the talks relate solely to the Guelb el Aouj project or to a broader transaction.

(Sourced from Businessspectator.com)