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"We are planning for this, but we still need to find suitable candidates. The sum is merely an estimate of how much we are willing to spend if necessary," the executive, who didn't want to be named, told Dow Jones Newswires.
The company is seeking gold mines with reserves of more than 100 metric tons and copper mines with reserves of more than 1 million tons.
A local media report earlier incorrectly said the Zijin conglomerate was planning to allocate $1 billion for such potential purchases.
-By Chuin-Wei Yap, Dow Jones Newswires; 8610 6588 5848; chuin-wei.yap@dowjones.com
(END) Dow Jones Newswires
10-26-09 0406ET
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