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.
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 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.”
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.