Proactiveinvestors Australia OZ Minerals Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia OZ Minerals Ltd RSS feed en Wed, 24 Jul 2019 14:58:21 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - OZ Minerals extends Prominent Hill to 2030 with 50% increase in underground reserves ]]> https://www.proactiveinvestors.com.au/companies/news/208979/oz-minerals-extends-prominent-hill-to-2030-with-50-increase-in-underground-reserves-208979.html OZ Minerals Ltd (ASX:OZL) has increased its Prominent Hill underground proved reserve to 40 million tonnes at 1.7% copper equivalent, representing a 50% increase.

The updated ore reserve will extend Prominent Hill’s life to 2030 with a further 80 million tonnes of underground resource outside of the reserve.

The South Australia-based copper producer also released the initial inferred resource for the Fremantle Doctor deposit, posting an estimated 104 million tonnes at 0.7% copper and 0.5 g/t gold.

Fremantle Doctor’s initial reserve, along with scheduled 2019 updates to Carrapateena's overall mineral resource and ore reserve, will provide OZ with further optionality in life-of-province planning.

‘Further de-risked life-of-mine planning’

OZ managing director & CEO Andrew Cole said Prominent Hill had again demonstrated the ability to extend mine life through conversion of its extensive resource base while also reliably delivering production and costs to guidance.

He said: “A 50% increase to underground proved reserves has materially increased confidence in the Prominent Hill ore body and further de-risked life-of-mine planning.

“With an estimated 80 million tonnes of underground mineral resource outside of the ore reserve, we will continue our drilling program to convert more material into reserves, with the aim of extending mine life year-on-year.”

Processing at full capacity until 2023

OZ expects the underground production rate of 3.5-4 million tonnes per annum from 2019 to continue into 2030 with the current ore reserve after mining depletion.

Stockpiles have grown by about 6% to 29 million tonnes, with copper metal up about 12% and gold metal up about 6%.

Stockpile growth was due to higher volume and lower stripping from the open pit.

Processing of stockpiled ore will maintain the plant at full capacity until 2023.

Expansion studies progressing

Cole said the company was also pleased to announce the initial inferred resource for Fremantle Doctor which lies just over 2 kilometres from the Carrapateena ore body.

Carrapateena’s mineral resource and ore reserve estimates have been restated for 2018 due to limited drilling activity but the project’s deposits are expected to be updated in 2019.

Cole said regarding the Fremantle Doctor initial resource: “This provides another valuable input into our life-of-province planning and will help inform our expansion studies that are currently progressing.

“In addition to releasing an updated Carrapateena mineral resource estimate in Q1 2019, we are working on updated resource statements for West Musgrave, Antas, Pedra Branca and CentroGold, and an initial resource statement for Pantera.”

OZ expects to progressively release the Carrapateena resource statements through 2019.

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Mon, 12 Nov 2018 02:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208979/oz-minerals-extends-prominent-hill-to-2030-with-50-increase-in-underground-reserves-208979.html
<![CDATA[News - RFC Corporate Finance and RBC Capital Markets emerge as counter bidder for Minmetals ]]> https://www.proactiveinvestors.com.au/companies/news/160479/rfc-corporate-finance-and-rbc-capital-markets-emerge-as-counter-bidder-for-minmetals-1666.html Last Thursday the once third biggest Australian mining house said that contrary to media speculation it had not received a counter bid, then on Friday is said it had been advised it should expect to receive refinancing proposals from one or more parties that day, but it didn't happen.

Today, a public holiday in Australia's Eastern States, the website TheWest.com.au - launched by West Australian Newspapers, disclosed that Western Australian-based RFC Corporate Finance and RBC Capital Markets said they would have a recapitalisation offer on the table before 3 pm this Thursday - when shareholders are to vote on accepting or not the Chinalco takeover offer.

Though there was no indication that the bid was reported last Friday, RFC and RBC said that was when it was placed.

On that day OZ Minerals said it had previously received unsolicited, non-binding and indicative proposals for a potential recapitalisation, but considered the Minmetals transaction was "a clearly superior proposal."

The company said it did not expect any future unsolicited proposal would be superior to the Minmetals transaction.

The West website said the RFC-RBC offer involves a recapitalisation involving OZ Minerals raising $US1 billion in fresh equity and convertible notes, and a further $US220 M under a working capital facility.

The refinancing proposal would allow OZ Minerals to retain all its current assets and repay bankers the $A1 billion ($US787 M) it owes them by June 30.

RFC's managing director Rob Adamson reportedly said today that the OZ Minerals board had said it would not recommend the new proposal that would see Minmetals gain most of OZ Minerals assets for about $US1.2 B ($A1.5 B).

Adamson also reportedly said today that he welcomed comments by Commonwealth Bank chief executive Ralph Norris to Business Spectator that the bank would continue to support OZ Minerals if the company shareholders reject the Minmetals offer in favour of a better proposal.

While this bid is virtually an eleventh hour exercise it must be making some Minmetals executives nervous, given the rejection last week of Chinalco's bid for Rio Tinto.

 

Mineweb is a web-based international mining publication focusing on mining financial and corporate news and comment.      

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Mon, 08 Jun 2009 22:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/160479/rfc-corporate-finance-and-rbc-capital-markets-emerge-as-counter-bidder-for-minmetals-1666.html
<![CDATA[News - China’s Minmetals makes $1.7bn bid for Oz Minerals ]]> https://www.proactiveinvestors.com.au/companies/news/160478/chinas-minmetals-makes-17bn-bid-for-oz-minerals-0875.html Minmetals and Oz Minerals said the A$2.6bn deal, at 82.5 cents per share, 50 percent higher than Oz Minerals' last traded price, will enable payment of all the firm's outstanding debts. The takeover will also maintain the company’s mines, which had been threatened with sale or liquidation. Minmetals is the second Chinese firm to come to the aid of an indebted Australian mining company in under one week.

The board of Oz Minerals backed the deal unanimously. "This was the only offer we've received for the whole of the company," Managing Director Andrew Michelmore told journalists.

"Minmetals intends to continue to operate Oz Minerals' portfolio of assets, and its acquisition will provide the opportunity to support the development of Oz Minerals' projects," said Minmetals Chairman Zhou Zhongshu in a statement.

Last year saw speculation that Minmetals, whose imports into China include iron ore, copper and zinc, was considering making an offer for Rio Tinto (RIO.AX) (RIO.L), during attempts by BHP Billiton (BHP.AX) (BLT.L) to purchase the company. BHP eventually abandoned its $66bn bid for the mining giant. 

Chinalco (Aluminium Corp of China) agreed last week to invest $19.5bn into Rio Tinto, which is approaching a first instalment on its debt of $39bn.

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Tue, 17 Feb 2009 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/160478/chinas-minmetals-makes-17bn-bid-for-oz-minerals-0875.html