Australia’s OZ Minerals is planning to begin compulsory acquisition of all of the remaining shares of Brazil-focused copper/gold mining and development firm Avanco Resources through a Brazilian subsidiary.

The move comes after OZ Minerals increased its interest in Avanco to more than 90.46% of the latter’s shares.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

In March this year, the company announced a $323.2m takeover bid to acquire all shares in Avanco in an attempt to expand its operations in South America.

“The combination adds to our organic growth pipeline with its development and exploration opportunities in the Carajás and Gurupi provinces in Brazil.”

The company noted that Avanco shareholders who have not accepted the offer will have until 6 July 2018 to do so.

OZ Minerals CEO Andrew Cole said: “The combination of OZ Minerals and Avanco provides an operating asset in Antas, and importantly it adds to our organic growth pipeline with its development and exploration opportunities in the Carajás and Gurupi provinces in Brazil.

“Our integration team and other key personnel are now in Brazil working with the Avanco team to optimise the assets and unlock the potential of the impressive project pipeline.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The acquisition will give the company strategic a foothold in Brazil’s Carajás copper region and the Gurupi greenstone belt.

It will provide a pathway to seven mines in the next six years, including Prominent Hill, Carrapateena, West Musgrave, Antas, CentroGold, Pedra Branca and Pantera, assisting the company in realising its target of producing more than 50Kt per annum of copper.

Last year, the Antas open pit copper/gold mine, which is located in the Carajás province, produced 14Ktpa of copper.