Troubled Australian miner OZ Minerals’ $1.2bn (A$1.4bn) asset sale deal with China’s Minmetals Nonferrous Metals Company has received all necessary approvals, the company announced.

Under the deal, Minmetals will acquire most of OZ’s mining assets except the Prominent Hill operation and exploration projects in South Australia.

Debt-laden OZ Minerals decided to sell some of its assets to pay A$1.1bn debt due for refinancing 30 June.

The transaction will leave OZ Minerals with about A$500m cash.

OZ Minerals chairman Barry Cusack said the offer provides a “complete solution” to the company’s refinancing issues.

The deal will be put for up for shareholder approval on 11 June.

In a separate deal, OZ Minerals has received consent for the $211m sale of its Martabe project to China Sci-Tech Holdings.