Oxiana and Zinifex to Merge

Australian mining company Oxiana has announced it will acquire Zinifex in a A$6bn deal.

Zinifex specialises in zinc and lead mining while Oxiana, one of the largest mining firms in Australia, focuses on copper and gold.

Zinifex head Andrew Michelmore will become CEO of the merged company, which will become the world's second largest zinc miner, as well as a major copper, lead and gold producer.

The deal, subject to shareholder approval, will result in the fifth-largest mining company on the Australian stock exchange, behind giants BHP Billiton, Rio Tinto, Fortescue and Newcrest.

By staff writer