* Minmetals says copper not the only target it is pursuing
* Says never considered a bid for Equinox to trump Barrick
* Looking to spend $2 billion-plus on mine acquisitions (Adds details, quotes)
By James Regan
SYDNEY, April 28 (Reuters) - China's Minmetals is still in the hunt for multi-billion dollar mining assets after being outbid for Africa-focused copper miner Equinox by Canada's Barrick Gold , Chief Executive Andrew Michelmore said.
"Our strategy is very clear to grow base metals," Michelmore said on Thursday.
"Copper was a prime target, but we are equally interested in lead and zinc, bauxite, alumina and nickel," he told Reuters in a telephone interview.
Minmetals abandoned its hostile pursuit for Equinox on Tuesday, saying Barrick's C$7.3 billion ($7.7 billion) bid was too rich to justify a counter-offer. [ID:nL3E7FQ4CP]
Analysts and bankers have said that while Minmetals executives may earn credit for not overpaying for a deal, they will now be back at the drawing board eyeing limited alternatives.
Michelmore denied speculation of an inability by the Chinese company to muster a counter bid to stay in the race for Equinox, saying he believed the Minmetals offer was fairly priced and cautioned against paying too much.
"It (Minmetals) is not China Inc," Michelmore said. "It is like bidding for a house. You go and work out what is the maximum price you are willing to pay, you go and make your offer and if someone comes in well above your maximum offer price, you have to be disciplined and walk away," he said.
"It was my team that recommended it in the first place and we were the ones that said no, we can no longer see value in this, we're out of here," Michelmore said.
Minmetals could look to Equinox peers like Vancouver-based First Quantum Minerals , which also has large Zambian operations, according to analysts.
But while First Quantum's copper interests might be appealing, Michelmore made it clear the company was not interested in acquiring nickel mines that rely on laterite, or alternative-type ores, to produce nickel, without naming any specific companies.
First Quantum is in the final stages of rehabilitating a laterite nickel mining operation in Ravensthorpe, Australia, which it bought off BHP Billiton in 2009.
Most nickel is mined and processed from more traditional sulphide ores, which require fewer stages to yield a saleable metal.
While Minmetals was actively prowling for bolt-on acquisitions, there was no interest in sector small frys, Michelmore said.
"We've been set some pretty large challenges in growing the business," Michelmore said.
"We won't chase the $200 million ones, we will chase the $2 billion-plus ones," Michelmore said.
In about four years, Minmetals faces closure of its Century zinc mine in Australia, the world's second lagest of its kind, as reserves run out. The company has so far only taken partial steps to replace the loss of production.
It also producs zinc, copper, lead, gold and silver from other mines in Australia and Laos, although not on a large scale by world standards.
"As we look at our pipeline of projects, what we would like is another cash-flow generator," he said.
Michelmore said he saw China leading continued strong demand for base metals, helped by robust markets across most of Asia.
Demand in the U.S. was likely to recover ahead of Europe, Michelmore added.
($1 = 0.950 Canadian Dollars) (Editing by Michael Smith)