oz minerals

Chinese acquirers move steadily ahead in their pursuit of Australian natural resources companies, creating a healthy pool of fees for investment banks advising on these deals.

The state-owned Chinese firm will pay Australian miner Oz Minerals $1.2 billion for a defined set of assets that excludes the sensitive Prominent Hill mine.

Valin's investment in Fortescue is approved, paving the way for the Chinalco-Rio Tinto deal, while Minmetals prepares a revised proposal to take over Oz Minerals.

After Chinalco's deal with Rio Tinto, another Australian metals company turns to a Chinese buyer to resolve pressing debt issues. Regulators have yet to bless either deal.