China Minmetals is approved to purchase OZ

May 19 MetalBiz--OZ Minerals disclosed on May 18 that China Minmetals had been approved by China Development and Reform Commission to purchase1.206bln AUD (U.S.$852mln) of OZ Minerals. This deal is also needed to approve by Chinese Commerce Ministry, State Administration of Foreign Exchange and State Assets Administration Committee, and the aforesaid approval to be completed before June 11. 

It is learned that this transaction will be discussed in shareholders' meeting on June 11. It needs to take a delivery time for a week around after shareholders passes. OZ expects that it will be finally finished before June 18.

On April 14, China Minmetals with OZ Minerals signed assets sale agreement, involving in several mines, such as Sepon, GoldenGrove, Century, Rosebery, Avebury, DugaldRiver.

OZ declared in its statement that it has learned form China Minmetals that this company has gained promissory financing agreement to accomplish this deal. Vice manager of China Minmetals Jiao Jian said that at the moment the company has won the bank loan commitment, so it is not a problem for OZ to consider.