The China Minmetals Corp. said it has completed its acquisition of Anvil Mining Ltd., a Canadian copper producer with assets in the Democratic Republic of Congo.

Minmetals Resources, a subsidiary of China Minmetals, paid around $1.33 billion for a 90-percent stake in Anvil.

Andrew Michelmore, CEO of Minmetals Resources, said the move represents a solid step for the firm in global expansion, adding that the acquisition will help the group develop its overseas copper business.

The acquisition will also help increase Minmetals' global copper and cobalt supplies and ease China's metal shortages, he said.