Categories
China

China’s Minmetals to Buy Oz Minerals for US$1.7bn

Citing the best interest of its shareholders, Australian based mining company Oz Minerals has agreed to sell their company to China’s Minmetals in a deal reportedly worth US$1.7 billion.

The deal comes as commodity prices continue to drop in response to the global economic downturn. Last week, Oz Minerals stated that commodity price-falls have led to an asset depreciation of almost US$1.3 billion.

Approval by Australian foreign investment regulators is still pending, which would make the deal between the two companies official.

“Minmetals intends to continue to operate Oz Minerals’ portfolio of assets, and its acquisition will provide the opportunity to support the development of Oz Minerals’ assets and projects,” said Zhou Zhongshu, chairman of Minmetals.

Leave a Reply

Your email address will not be published. Required fields are marked *