China, which spent a record US$32 billion buying natural resources last year, will likely spend even more this year as domestic demand for iron ore, copper and oil continues to grow with the economy.

The country's refined copper demand will increase by an estimated 14.8% to 6.81 million metric tons in 2010, while iron ore imports could climb 27% to 800 million tons in 2012, according to research from Umetal.com.

This year, Chinese companies will hunt for energy assets in both domestic and overseas markets. Huang Dongmei, deputy general manager at Minmetals Exploration and Development Co, a unit of China Minmetals, said that although the asset valuation would be much higher internationally than in the domestic market, there is still potential for acquisitions abroad.

The country will likely seek energy targets in South America and Central Asia and metal targets in Africa in 2010, according to sources.

China's economy grew 10.7% in the fourth quarter of last year, more than in any other quarter since 2007.