Australian miner OZ Minerals Ltd. announced Wednesday that the Australian Foreign Investment Review Board (FIRB) has approved the plan to sell its Martabe mine to China Sci-Tec
h Holdings Ltd. (0985.HK) for 211 million U.S. dollars. OZ Minerals boss Barry Cusack said in a statement that FIRB's approval is a key step for the deal's success. He expects the deal to be accomplished before June's closing. The company had intended to sell Martabe gold and silver mine, located at Indonesia Sumatra, to China Minmetals Non-ferrous Metals Co. Ltd. as part of its deal with the latter, but the plan was rejected by the Australian government. OZ Minerals said in mid-April it had signed a formal agreement to sell majority of its assets to China Minmetals for 1.21 billion dollars. The deal recently got the green light from China's National Development and Reform Commission. OZ Minerals announced on April 24 it had proposed selling the mine to Hong Kong-listed China Sci-Tech Holdings. OZ Minerals added that the deal still requires approval from Sci-Tech Holdings' shareholders and some lending banks of OZ Minerals.
h Holdings Ltd. (0985.HK) for 211 million U.S. dollars. OZ Minerals boss Barry Cusack said in a statement that FIRB's approval is a key step for the deal's success. He expects the deal to be accomplished before June's closing. The company had intended to sell Martabe gold and silver mine, located at Indonesia Sumatra, to China Minmetals Non-ferrous Metals Co. Ltd. as part of its deal with the latter, but the plan was rejected by the Australian government. OZ Minerals said in mid-April it had signed a formal agreement to sell majority of its assets to China Minmetals for 1.21 billion dollars. The deal recently got the green light from China's National Development and Reform Commission. OZ Minerals announced on April 24 it had proposed selling the mine to Hong Kong-listed China Sci-Tech Holdings. OZ Minerals added that the deal still requires approval from Sci-Tech Holdings' shareholders and some lending banks of OZ Minerals.Source : www.tradingmarkets.com/.site/news/Stock News/2346741/
