Posts Tagged ‘OZ Minerals’
Friday, April 3rd, 2009
OZ Minerals (OZL) has achieved an important milestone in the establishment of its Prominent Hill copper / gold mine in South Australia, with the first rail delivery of concentrate to the Port of Darwin. The shipment was dispatched from the Wirrida rail siding, which is located approximately 115 kilometres west of Prominent Hill. The Company expects to deliver approximately 600 tonnes of concentrate per day, six days per week to the port.
From the Port of Darwin Prominent Hill copper concentrates will be shipped to smelters across Asia. The first shipment from Darwin is expected to be made in late April “Since first production in late February, the ramp up of the processing plant has progressed very well, the operation has now reached a production rate of around 80% and, as planned, is expected to reach its nameplate rate by the end of the year,” said OZ Minerals Managing Director and CEO Andrew Michelmore.
http://www.ozminerals.com/
Tags: Gold Production, New Shipment, OZ Minerals, OZL
Posted in ASX Company News | No Comments
Thursday, April 2nd, 2009
Oz Minerals will soon be debt-free and in possession of a world-class copper mine, following China Minmetals revised offer to buy most of the company s assets.
Under the new agreement Oz will keep several assets including the key Prominent Hill copper and gold mine, and have $600 million in cash after repaying its creditors.
Analysts are now seeing Oz as an attractive takeover target, given these factors and that due diligence has already been performed on the Prominent Hill mine.
In The Australian today Tim Boreham argues Oz Minerals shareholders should count themselves lucky to have narrowly avoided the receivers, and that they should be cautious of holding on to shares in case further unforseen developments arise.
For further info, read Michael Vaughan s article in The Australian Financial Review.
Tags: ASX News, Business News, china minmetals, OZ Minerals, Oz Minerals takeover, oz shareholders, OZL, prominent hill
Posted in ASX Company News | No Comments
Thursday, April 2nd, 2009
OZ Minerals (OZL) today announces that it has negotiated commercial terms for a transaction involving the sale of certain assets to Minmetals. The proposed transaction which will require the approval of shareholders involves the sale by OZ Minerals of exploration and development assets to Minmetals for US$1,206 million (equivalent of approximately A$1,750 million at current exchange rates) including any applicable GST.
Barry Cusack, chairman of OZ Minerals said:”While this is a structural different proposal from Minmetals of 82.5 cents per share, we believe it represents an attractive offer for OZ Minerals and our shareholders. Importantly, it also provides a complete solution to OZ Minerals refinancing issues”
http://www.ozminerals.com/
Tags: Asset Sale, Minmetals, OZ Minerals, OZL
Posted in ASX Company News | No Comments
Tuesday, March 31st, 2009
The West Australian has it on good authority that Treasure Wayne Swan will approve Andrew Forrest s bid to sell a significant portion of his Fortescue Metals Group to Chinese Government-controlled Hunan Valin Iron and Steel.
Although the Foreign Investment Review Board (FIRB) is yet to announce its decision, the West Australian believes it will not object to the deal in its current form, but that if Valin were to seek to increase its stake from 17.4% the government would be provoked into considerable concern .
Presumably this deal does not trigger any national security warning signals, which blocked the Oz Minerals / Minmetals takeover bid last week.
Click here to read the full article.
Stocks for your watchlist:
OZ Minerals: OZL.AX (ASX)
Fortescue Metals Group: FMG.AX (ASX)
BHP Billiton: BHP.AX (ASX); BLT.L (London Stock Exchange); BHP.N (New York Stock Exchange)
Rio Tinto: RIO (ASX and LSE)
Tags: chinese australian mining, foreign investment, Fortescue, Fortescue China, metals and mining, OZ Minerals, Rio Tinto
Posted in ASX Company News | No Comments
Monday, March 30th, 2009
OZ Minerals (OZL) announced that the Treasurer of Australia has today released the following statement. “Today I advise of progress in my consideration of the takeover proposal by China Minmetals Non-Ferrous Metals Co Ltd for 100 per cent of Oz Minerals Ltd.
Under the Foreign Acquisitions and Takeovers Act 1975, all foreign investment applications are examined against Australia’s national interest. An important part of this assessment is whether proposals conform with Australia’s national security interests, in line with the principles that apply to foreign government related investments. OZ Minerals’ Prominent Hill mining operations are situated in the Woomera Prohibited Area in South Australia. The Woomera Prohibited Area weapons testing range makes a unique and sensitive contribution to Australia’s national defence. It is not unusual for governments to restrict access to sensitive areas on national security grounds.
The Government has determined that Minmetals’ proposal for Oz Minerals cannot be approved if it includes Prominent Hill. I have informed Minmetals of this decision. Discussions between the Foreign Investment Review Board and Minmetals are continuing in relation to Oz Minerals’ other businesses and assets, and the Government is willing to consider alternative proposals relating to those other assets and businesses. The Government issued an interim order on this application on 23 March 2009.”
Commenting on the statement, OZ Minerals Limited Managing Director and CEO, Andrew Michelmore said, “OZ Minerals is now in discussion with Minmetals regarding possible changes to the proposed transaction structure in light of the Treasurer’s statement and will make a further announcement in this regard as soon as possible.” OZ Minerals remains in constructive negotiations with its banks regarding the pending extension of certain of its loan facilities due on 31 March 2009.
http://www.ozminerals.com/
Tags: Minmetal, OZ Minerals, OZL, Takeover
Posted in ASX Company News | No Comments
Monday, March 23rd, 2009
Presented by Michael Hevern
MDS Financial
Click here to watch the presentation.
or
Click here to download the mp3 audio recording (1118Kb).
General Advice Only
*************************************************
In this morning s wrap
DOW: down 1.7% – Flat for the Week
Fed Spending $1 Trillion and Counting to Attempt to Free Credit Markets
NASDAQ: down 1.8% (up 1.5% for Week)
Profit Taking
FTSE: up 0.7% – Up 3.5% for Week
Financials & Miners Catchup;
DAX up 0.6% & CAC up 0.5%
NIKKEI: down 0.3% (up 5% for Week)
Finance Ministewr says: Economy Needs 1 Trillion Yen Injection;
Sony $US529m 1Q Loss;
Hang Seng down 2.3%
Oil: Flat – Above $51 (up 12% for Week)
OPEC to Cut in May;
Gold: up 0.3% ($957) (up 2.7% for Week)
Commodities Down
USD down
SPI: Critical Levels: 3540 & 3340
SPI down 20;
ASX200 into Resistance
ASX News
* NEM suitor for NCM;but open to Barrick Gold
* MAP drop in traffic at ALL airports (Sydney -8%)
* OZ nervous wait banker/FIRB
* SIP annual results today
* Resources to weigh
* Look to Golds hold
* Energy to pullback
* Financials likely to see profit taking
* ASX to open flat US Fed printing money
Tags: ASX News, Commodities, finance markets, investors, market wrap, Nikkei, OZ Minerals, Rio Tinto, stock market
Posted in Stock Market Analysis | No Comments
Thursday, February 26th, 2009
Making the news today…
- The OZ Minerals share price dropped 15.4% yesterday, with investors fearful that OZ s banks won t come to the party by tomorrow s deadline. There were plenty of buyers as well though, with over 125 million shares being traded.
- Economic recovery in the US could happen as early as 2010. With a rare spark of optimism, US Federal Reserve Chairman Ben Bernanke told Congress that recovery was possible if policymakers were successful in restoring financial stability.
- Sol Trujillo will be departing Telstra in June, after four years of aggressive and often controversial changes as CEO. Let s see if the change of leadership brings about a reconciliation between the telco and the federal government.
- Fortescue Metals has scrapped plans for a $500 million capital raising, as Chinese Hunan Valin is willing to pay a much higher price for its shares than Australian institutional investors.
Stocks for your watchlist:
OZ Minerals: OZL.AX (ASX)
Fortescue Metals Group: FMG.AX (ASX)
Telstra: TLS.AX (ASX)
Further Information:
The Age
The Australian (1)
The Australian (2)
Tags: ASX, ASX News, Australian financial news, Business News, Fortescue Metals, global recession, investors, OZ Minerals, shareholders, Telstra
Posted in ASX Company News | 1 Comment
Tuesday, February 24th, 2009
Rio Chinalco
- As Rio s board of directors discusses the Chinalco alliance, only one Australian voice remains. Rod Eddington has chosen to stand aside from voting on this issue, due to a perceived conflict of interest.
- Shares were sold off yesterday, following concern that shareholder backlash could lead to a shakeup of board and management positions, according to a report in the Herald Sun.
- Rio is thought to be working on an arrangement to allow institutional investors access to bonds on similar terms to those offered to Chinalco, in an effort to appease the dissenting shareholders.
Fortescue Metals
- Trading has been halted while the company seeks to raise $500 million to fund the expansion of operations at its Pilbara iron ore mine. Investment is expected to come from institutional investors and Chinese steel group Hunan Valin.
OZ Minerals
- OZ has met the first of two conditions required for Minmetals to proceed with its takeover bid. The second condition, an agreement by OZ s banks to a debt facility extension, is expected to be met by Friday.
- Unconfirmed rumours suggest OZ is planning to sell its Martabe gold project in Indonesia, and that BHP Billiton may bid for the Prominent Hill mine.
Further information:
Tags: ASX, ASX News, Australian mining companies, BHO Billiton, Chinalco, Fortescue Metals, investors, OZ Minerals, Rio Tinto, share market, shareholder, stockmarket
Posted in ASX Company News | No Comments
Thursday, February 19th, 2009
Calls for the Brisbane Line to be re-established have reached Canberra with Australians demanding action to defend ourselves from the Chinese invasion.
First Rio, then Oz and now even the proudest of entrepreneurial Australians Twiggy, have succumbed to the Northern onslaught.
What is the Government doing about it? cried diggers whose only super salvation is demanding that the FIRB allow these acquisitions to occur.
We ll beat them by stealth just like we did the Japanese said another. We ll let them invest, then collapse the market and get the country back for next to nothing. It worked in the 80s with property and we can do it again in resources , the wily old timer declared.
As a last resort, it was suggested we reinstate the Brisbane Line and let the Chinese dig up anything north.
So Wayne Swann is now feeling the Peter Garrett s , an Australian expression for dammed if you do and dammed if you don t. He either allows the Chinese to invest and control some of Australia s largest resources companies and deposits, boosting the local stock market and investors returns, or denies them and Australia gets the hurts by the Chinese turning their attention to other parts of the world, the markets collapse and our old diggers have a pittance to live on.
Oh to be a fly on the wall in cabinet.
TrikiRicky
Tags: ASX, ASX News, Chinalco, Fortescue, investing, OZ Minerals, Rio Tinto, share trading, stockmarket
Posted in ASX Company News | No Comments
Tuesday, February 17th, 2009
Chinese state-owned Minmetals has announced a $2.6 billion takeover offer for OZ Minerals.
Like the BHP Chinalco deal, this will require federal government approval, so what are the considerations under review?
- Unlike the Rio deal, this would be a full takeover
- OZ is presenting the deal as a lifeline, and the only feasible alternative to receivership and the resulting implications for jobs, shareholder losses and growth projects
- The strategic importance of copper and zinc to Australia, arguably less important than the iron-ore Rio hopes to sell off
- The merits of the deal itself are complicated by external economic conditions
- National interest must be balanced with potential for a long-term strategic partnership with China
Traders and investors can again join in the action with OZ resuming trading today, after a halt called in November. Shares jumped up 29% this morning.
For your watchlist:
Further information:
Tags: ASX, BHP, Chinalco, Commodities, investing, OZ Minerals, share market, share price, stock market, trading
Posted in ASX Company News | No Comments
