Pot of gold for OZ

OZ Minerals has accepted a revised deal from China Minmetals which excludes its Prominent Hill mine, the company announced today.

The new deal, valued at $1.75 billion, will allow OZ to pay down its entire $1.3 billion of debt and leave it with a cash balance of approximately $600 million.

“While this is a structurally different proposal to the previous cash proposal from Minmetals of 82.5 cents per share, we believe it represents an attractive offer for OZ Minerals and our shareholders,” OZ chairman Barry Cusack said.

“Importantly, it also provides a complete solution to OZ Minerals’ refinancing issues.”

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