OZ Minerals Approves China Minmetals Deal

11 June 2009 (Last Updated June 11th, 2009 18:30)

China Minmetals has announced that OZ Minerals shareholders have approved its sweetened A$1.7bn (US$1.39bn) asset acquisition deal. The deal will give debt-laden OZ Minerals more than US$500m in cash and will allow it to go ahead with its Prominent Hill copper and gold mine in South Aust

China Minmetals has announced that OZ Minerals shareholders have approved its sweetened A$1.7bn (US$1.39bn) asset acquisition deal.

The deal will give debt-laden OZ Minerals more than US$500m in cash and will allow it to go ahead with its Prominent Hill copper and gold mine in South Australia.

"For our company, this is a landmark moment. This is a win-win transaction,” China Minmetals president Zhou Zhongshu said.

The assets acquired by Minmetals include Sepon, Golden Grove, Century, Rosebery, Avebury, Dugald River, High Lake, Izok Lake and OZ Minerals' interests in all other exploration and development assets.