OZ Minerals sells Martabe project
April 24,2009 - 4:04PM
Diversified miner OZ Minerals Ltd has sold its Martabe gold and silver project in Indonesia to China Sci-Tech Holdings Ltd for $US211 million ($A296.37 million)in cash.
The transaction is expected to be complete by early June,subject to approval by some of OZ Minerals'lenders,China Sci-Tech's shareholders and Australia's Foreign Investment Review Board.
"The proceeds from this sale will make an important contribution to addressing OZ Minerals'refinancing issues,"OZ Minerals chief executive Andrew Michelmore said in a statement on Friday.
The sale is not conditional on financing and China Sci-Tech will fund the purchase from cash on hand.
"CST (China Sci-Tech)has agreed to pay a deposit of $US10 million ($A14 million)upon signing and the balance of $US201 million ($A281.35 million)upon completion of the transaction,"the miner said.
"OZ Minerals will also be reimbursed by CST for an estimated expenditure of $US7.5 million ($A10.5 million)on the project since 1 April through to the completion date."
Hong Kong Stock Exchange-listed CST,which principally invests in financial instruments and property,will centre its mining business on the Martabe project,OZ Minerals says.
Mr Michelmore said CST had "paid an acceptable price after a competitive bidding process".
Federal Treasurer Wayne Swan on Thursday approved the acquisition by China's Minmetals of OZ Minerals'Golden Grove mine in Western Australia,Rosebery and Avebury mines in Tasmania,and Century and Dugald River operations in Queensland.
Mr Swan rejected Minmetals'earlier takeover proposal for the miner because OZ Minerals'large,prized Prominent Hill gold and copper mine in South Australia lies within the Woomera Prohibited Area.
The $US1.2 billion ($A1.68 billion)Minmetals deal should be complete by mid to late June.
It remains subject to regulatory and financing approvals,which OZ Minerals believes will be received in mid-May.
Mr Michelmore said on Thursday the Minmetals deal would leave OZ Minerals with "net cash on the balance sheet to enable it to develop".
The miner,which has been working for several months to refinance more than $1 billion in debt,said on Thursday it was still in talks with its banks to extend the maturity date for some of its debt facilities from April 30 to June 30.
OZ Minerals intends to remain a listed entity and focus on Prominent Hill.
Shares in OZ Minerals surged almost eight per cent immediately after the announcement and were up four cents,or 6.35 per cent,at 67 cents at 1524 AEST.
如果您喜歡這篇文章，請按「讚」或分享給您的朋友，以示鼓勵。
