Minmetals Resources (1208.HK) will acquire Australia-based miner Minerals and Metals Group from parent China Minmetals Non-Ferrous Metals, the South China Morning Post reported. The US$1.85 billion deal will add to Minmetal’s output of non-ferrous metals including zinc, aluminium and copper products, said Andrew Michelmore, chief executive of Minerals and Metals Group. Minerals and Metals Group produces copper, lead, silver and gold with mines in Laos and Australia. The company booked a net profit of US$234 million in the first half, a year-on-year increase of 36%. Minmetals said it will finance the acquisition through a combination of cash, shares and a US$694 million loan from its parent.