OZ Minerals has announced that it has a relevant interest in Avanco of more than 90%, which means the company will now “compulsorily acquire” all of the remaining shares and acquire the fellow copper producer entirely.
Avanco Resources Mining News
The two separate decrees aim at making the local industry more competitive and sustainable, while while implementing rules on the collection of higher mining royalties.
Michel Temer is expected to issue a decree next week introducing key changes to mining rules that date back to the 1960s.
The takeover offer, which expires next week, offers great exploration potential because Avanco owns a vast landholding in the copper and iron ore-rich Carajás region, second only to giant Vale.
MINING.com discusses the state of private equity investment in mining with Michael Scherb founder of Appian Capital.
Oz Minerals offers top dollar for Avanco which boasts top private equity players and Glencore as major shareholders.