Apr. 27, 2009 (China Knowledge) - China Sci-Tech Holding Ltd<0985>, an investment company engaged in financial instruments and property investment, bought the Martabe gold and silver project, located in Indonesia, from OZ Minerals for US$211 million.
China Sci-Tech has agreed to pay a deposit of US$10 million and to pay the remaining US$201 million upon the completion of the deal. In addition, China Sci-Tech will refund about US$7.5 million of the expenses OZ Minerals will have accrued on the project in the period from Apr. 1, to the completion date.
The transaction is expected to be completed in June 2009, said OZ Minerals.
The funds raised by selling Martabe gold and silver project will play a significant role in settling the problem of refinancing, said Andrew Michelmore, CEO of OZ Minerals.
On Apr. 23, China Minmetals Non-Ferrous Metals Co Ltd got approval from the Ministry of Finance of Australia to purchase OZ Minerals for US$1.21 billion.
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