minmetals-and-oz-minerals-table-revised-deal

Minmetals and Oz Minerals table revised deal

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.

China Minmetals Non-ferrous Metals Company yesterday tabled a revised deal for Oz Minerals, proposing to buy specified assets for $1.2 billion, down from the $1.7 billion that it originally offered for the entire company.

The revision was forced on the firms after the Australian government last week rejected their February proposal on grounds of national security. The original deal had Minmetals, a state-owned enterprise and China's largest importer of copper, buying 100% of Oz Minerals. The Australian company had agreed to sell some specific assets to other parties before closing the deal with Minmetals, but the Prominent Hill mine was not on the list of disposals, and it is this asset that the Australian...

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