The Glencore giant isn’t coming for us: OZ Minerals

Australian copper and gold miner OZ Minerals is denying rumours that it has received a takeover bid from Glencore Xstrata,

“The company advises it has not received a substantial shareholder notice from Glencore nor has OZ Minerals been approached by Glencore in regard to any proposal,” OZ said in a statement Monday.

UK media suggested this weekend that Glencore had quietly built a 10% stake in OZ and was considering a bid.

OZ’s shares were up 2.5% to $4.52 at 2:30 AEST Monday after rising as much as 6.7% earlier in the day.

OZ Minerals suffered a loss of $268 million loss in the first half of 2013, “sharply down from a $119.5 million profit posted during the same period in 2012.”

The company has a market capitalisation of $1.34 billion.



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