The operator of China's largest gold mine, Zijin Mining Group, is looking to make a bid for Peru's fourth largest copper reserve, Bloomberg reported. "We are interested in the project and are seeking Chinese government approval to bid," said Zijin chairman Chen Jinghe Wednesday. The acquisition of the Michiquillay deposit – which contains copper, gold and silver and will cost US$700 million to develop, according to Peruvian sources – would enable Zijin to expand and diversify its reserves. The company is one of a number of Chinese mining groups chasing footholds in foreign natural resources markets. In September, Zijin agreed to pay US$14 million for a 10% stake in Australia's Allied Gold and it took a 20% stake in South Africa's Ridge Mining for US$15 million in October.