The current market turmoil has made asset valuations cheaper and has allowed Swiss commodities giant Glencore International PLC (GLEN.LN) to look more aggressively at buying opportunities, the company's chief executive said Thursday.

"The turmoil that has occurred recently has allowed us to look more aggressively" at investment opportunities because assets are not priced as high, Ivan Glasenberg told reporters in a conference call after reporting a 57% rise in first-half adjusted net income.

"Today we do take the view that there are...cheap opportunities our there," he said.

Glencore's market debut in May was greeted with expectations that the GBP27.8 billion valued-trader, cash-rich owing to the ongoing commodities boom, would launch a host of bids for smaller rivals.

Thursday, Glencore embarked on its first corporate takeover campaign since its float, tabling an offer valuing nickel miner Minara Resources Ltd. (MRE.AU) at $1.02 billion Australian dollars (US$1.07 billion).

Glencore is also in the process of securing regulatory approval to raise its stake in its Kazakh copper, gold and zinc unit, Kazzinc, from 50.7% to 93.0% for a total consideration of US$3.2 billion. Glasenberg said he expects to receive regulatory approval in the fourth quarter of this year.

Glasenberg also said the purchase of junior coal miner Umcebo in South Africa should be completed in the next couple of months, possibly in October.

-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com (David Fickling in Sydney contributed to this article.)

Metrics Real Estate Mult... (ASX:MRE)
Historical Stock Chart
From Dec 2024 to Jan 2025 Click Here for more Metrics Real Estate Mult... Charts.
Metrics Real Estate Mult... (ASX:MRE)
Historical Stock Chart
From Jan 2024 to Jan 2025 Click Here for more Metrics Real Estate Mult... Charts.