Martabe sale approved

OZ Minerals has advised that shareholders of China Sci-Tech Holdings Limited have voted in favour of the acquisition of the Martabe project in Indonesia from OZ Minerals.

OZ Minerals has advised that shareholders of China Sci-Tech Holdings Limited have voted in favour of the acquisition of the Martabe project in Indonesia from OZ Minerals.

OZ Minerals announced on 24 April that it had reached agreement with Hong Kong listed China Sci-Tech for the acquisition of the Martabe gold-silver project in Indonesia for US$211 million.

In addition, OZ Minerals will be reimbursed by China Sci-Tech for an estimated expenditure of US$7.5million spent on the project between 1st April and the completion date.

China Sci-Tech will fund the purchase from cash on hand and completion of the transaction and transfer of the cash consideration is expected early next week.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.