Oxiana would look at assets sold off by BHP, Rio

MELBOURNE, Feb 7 (Reuters) - Australian mining company Oxiana Resources Ltd OXR.AX would look at picking up any assets that might be sold off by BHP Billiton Ltd (BHP.AX: Quote, Profile, Research, Stock Buzz)(BLT.L: Quote, Profile, Research, Stock Buzz) if it succeeds in its bid to take over rival Rio Tinto Ltd, Oxiana's chief said on Thursday.

Managing Director Owen Hegarty declined to specify which assets Oxiana might want, but said anything that would fit with Oxiana's focus on copper, gold and base metals, or its quest to diversify geographically, would be of interest.

"For a company like Oxiana, the best place to be when the elephants are fighting is in fact out of the jungle, but only on the periphery, to the extent that a few things might drop off the back of the truck that we could be interested in," Hegarty told reporters.

He reiterated that Oxiana, which has mines in Laos and Australia, is looking to expand and diversify either through bolt-on acquisitions or big takeovers, in its aim to become a major mining house.

Hegarty declined to comment on whether taking over Australian zinc miner Zinifex Ltd ZFX.AX, which has long been seen as a potential target, would fit its criteria for growth.

Oxiana has already been eyeing assets that Rio Tinto (RIO.AX: Quote, Profile, Research, Stock Buzz)(RIO.L: Quote, Profile, Research, Stock Buzz) is expected to sell following its takeover last year of Alcan.

Hegarty said he did not see BHP Billiton's 3.4-for-1 offer for Rio Tinto disrupting Rio's planned divestments.

"As I understand it, it is very much business as usual. And under those circumstances, whatever assets may be for sale would continue to be for sale," Hegarty said. ($1=A$1.12) (Reporting by Sonali Paul; Editing by James Thornhill)