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.
Oz Minerals Mining News
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.
Permit allows Oz Minerals to start phase two of construction at Carrapateena copper-gold project, in South Australia, this month.
Oz Minerals offers top dollar for Avanco which boasts top private equity players and Glencore as major shareholders.
OZ Minerals (ASX:OZL) is betting big on copper with plans to begin mining ore at its Carrapateena underground mine by 2019.
The company, Australia’s third-biggest copper producer, expects digital-age related technologies to boost demand for the metal.
Looking for partners for $3 billion project in South Australia forecast to produced 114,000 tonnes of copper and 117,000 ounces of gold a year.
Australian copper producer OZ Minerals has struck a deal with Canada's International PBX Ventures for a 90% interest in the Copaquire copper-molybdenum property in Chile.
Two sources with knowledge of the matter say second-round bids are due later this month, with preliminary interest seen from Anglo American, OZ Minerals, Vedanta Group and Aditya Birla Group.
US-based Southern Copper and Australia's Oz Minerals are both looking to acquire assets in South America, according to media reports Wednesday.
OZ MINERALS announced plans yesterday to sell off its gold assets in Cambodia, closing a controversial chapter for the company that was forced to deny allegations of impropriety last year in relation to this business.
OZ Minerals will spend nearly $100 million exploring for copper and gold in SA this year, hoping to build on the two deposits it already owns.
OZ Minerals may recoup through insurance some of the losses from the up to 1200 tonnes of copper concentrate that disappeared into the Northern Territory's Edith River last week after a train derailed.
OZ Minerals Ltd in its quarterly report announced Prominent Hill contained metal production was 28,017 tonnes copper and 44,219 oz total gold for the June quarter.
Copper and gold miner OZ Minerals will return up to $200 million to shareholders through an on-market buyback, as booming prices for its products continue to generate cash. Photo of copper concentrates being loaded, by OZ Minerals.
OZ Minerals has reached an agreement to settle the two class actions brought against it by Maurice Blackburn and Slater & Gordon on behalf of certain shareholders who acquired shares in 2008. The total settlement payment in respect of the class actions is $55.1 million plus costs of $4.9 million with those totals to be allocated between the Maurice Blackburn and the Slater & Gordon classes.
Australian copper and gold miner Oz Minerals said on Thursday it is on track to achieve its forecast gold output of more than 185,000 ounces despite a 23 percent drop in first-quarter output. "While total gold production was lower this quarter, higher grades expected in the second and third quarters are expected to see production achieve forecast levels for the year of 185,000+ oz of gold," the company said in its quarterly production report.
OZ Minerals is pleased to advise that the Australian Taxation Office (ATO) has issued a Class Ruling which advises that the proposed capital return by OZ Minerals is solely sourced from capital and so no part of the return will be treated as a dividend for Australian income tax purposes.
The spectacular Carapateena discovery that Canadian Teck Resources had seen as its big foreign play until the global financial crisis, is now passing into the hands of OZ Minerals Ltd (ASX: OZL). OZ Minerals said this week it had paid $US240 million for the project, making an immediate deposit of $US10 M.
Hong Kong-based G-Resources Group Ltd. (1051.HK) is on track to becoming a significant gold producer in Asia, with construction already started on the Martabe gold and silver mine in North Sumatra, Indonesia.