OZ minerals seals the deal

OZ Minerals has received all necessary approvals for the sale to Minmetals.

Australian shareholders represent OZ Minerals only barrier to the successful sale of the majority of its assets to China’s Minmetals.

The miner will ask its shareholders to cast their vote on the $1.46 billion deal at the upcoming AGM in order to ascertain the final seal of approval.

All other Chinese Government approvals required to meet the transaction have now been received.

Oz Minerals’ chairman Barry Cusack said the company had managed to meet all necessary conditions precedent and was looking forward to putting the final vote to the shareholders.

“The Minmetals offer provides a complete solution to our refinancing issues in so far as it is timely and allows OZ Minerals to repay all of its debt,” he said.

“It also sees the company retain the Prominent Hill operation and exploration projects and following the transaction will have approximately US$500 million cash with which to continue to develop Prominent Hill and pursue other activities.

“The Board continues to unanimously recommend the offer from Minmetals.”

OZ Minerals has also received consent from all of its requisite lenders for the US$211 sale of the Martabe project to China-SciTech Holdings, satisfying one of the Conditions Precedent to the Sale.

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