OZ Minerals
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OZ Minerals
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| Type | Public |
|---|---|
| Traded as | ASX: OZL OTCQX: OZMLY |
| Founded | 2008 (merged entity) |
| Headquarters | Melbourne, Australia |
| Key people | Terry Burgess MD & CEO |
| Website | http://www.ozminerals.com |
OZ Minerals (ASX: OZL) is an Australian mining company, formed from the merger of Oxiana Limited and Zinifex in 2008.
In 2009, Chinese state owned China Minmetals proposed a purchase of the heavily indebted company. The Chinese proposal was one of three high profile moves by Chinese firms to acquire stakes in the Australian mineral sector in early 2009. The China Minmetals offer along with other proposed purchases, especially the Chinalco planned stake in Rio Tinto, caused great public furor, adding political pressure to block Minmetals. The Australian government blocked the sale on 27 March 2009, citing concerns about the location of the Prominent Hill Mine within the sensitive military area.[1] A deal not including Prominent Hill was approved, and the majority of the company was acquired by China Minmetals; the acquisitions became the company Minerals and Metals Group (MMG).[2]
OZ now has only one major asset (Prominent Hill), but the sale more than eliminated the Company's debts, giving it cash in hand for operations.
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