Planning agent of economics China, National development and Reform Commission ( NDRC) has agreed Government of China $12 Minmetals billion taking over mine OZ Australia Minerals.

The deal needs further Chinese regulatory approvals from the Ministry of Commerce and the State Administration for Foreign Exchange and also the Assets Supervision and Administration Commission, which are expected to be obtained before the shareholders meeting on June 11.

”This sale represents the best available outcome for OZ Minerals and provides a complete solution to its refinancing issues,” Cusak said and he further requested the shareholders to vote in favour of the resolution authorizing the sale.

The state-controlled China Minmetals Group, is the country’s largest supplier of raw materials for the metallurgical industry and also the biggest steel trading company, besides holding exploration and mining rights for a number of iron ore and coal deposits as well as other minerals.

Apart from Prominent Hill, OZ Mineral’s Martabe gold and silver operations in Indonesia are also not included in the deal with Minmetals, which will be sold separately to another Chinese company, China Sci-Tech Holdings Ltd. for a consideration of $211 million (A$280 million) subject to approvals.

Under the deal, Minmetals will takeover the world’s second-biggest zinc mine, the Century mine in Queensland, the polymetallic mines Rosebery in Tasmania and the Golden Grove in Western Australia, and the Sepon copper and gold mines in Laos.

Find More Mining News : -