OZ Minerals (OZL) will go ex dividend on 1/9/2010. The current dividend payment is 3 cents and it is 0% franked. The record date is 7/9/2010 and the dividend will be paid on 21/9/2010. Based on the full year payment the dividend yield is 2.5%.
*Current Yield: 2.5% Franking: 0% DRP Discount: 2.5%
*Yield has been calculated on the closing price on the 26/8/2010. Current yield is based on the current dividend payment only.
Ozgrowth Limited (OZG) will go ex dividend on 3/8/2010. The current dividend payment is 1.1 cents and it is 100% franked. The record date is 9/8/2010 and the dividend will be paid on 16/8/2010. Based on the full year payment the dividend yield is 8.5%.
*Current Yield: 6.7% Franking: 100% DRP Discount: Not Available
*Yield has been calculated on the closing price on the 23/7/2010. Current yield is based on the current dividend payment only.
OZ Minerals is pleased to announce that it has acquired approximately 25.8m shares representing approximately 19% of Australian listed Sandfire Resources NL. This is considered a strategic investment which provides exposure to Sandfire’s high quality Doolgunna project located in Western Australia.
The acquisition of the stake was completed today with the majority purchased from a small number of high net worth / institutional investors and the balance from on-market purchases. The total consideration for the purchase was approximately A$100 million.
Commenting on the transaction, OZ Minerals’ Managing Director Terry Burgess said, “While the Doolgunna project is still at a relatively early stage, we have been impressed by the work undertaken by the Sandfire team and we hope to be able to work constructively with them in maximising the full value of this asset. Given the size of the stake, OZ Minerals is formally requesting a seat on the Sandfire Board of Directors. We are particularly excited by the exploration potential of the project. Doolgunna appears to represent the discovery of a new high grade copper deposit with considerable upside yet to be realised.”
Head of Business Development for OZ Minerals, Richard Hedstrom added, “Whilst we will not be rushed into making important investment decisions for our stakeholders, our significant cash balance does give us the ability to move quickly on opportunities, such as the Sandfire equity stake, as and when they arise. Our intention is to maintain the interest in Sandfire at this level, at this stage. This acquisition is in line with the Company’s previously stated strategy of investing in promising copper assets.”
The Sandfire equity stake forms part of the growing portfolio of assets within OZ Minerals, centred on the Prominent Hill copper-gold mine in South Australia. Supplementing this is an extensive exploration effort around the Prominent Hill copper mine and in the broader Prominent Hill region, as well as exploration interests in Cambodia, Australia and Mexico. The OZ Minerals stake in Sandfire complements other such strategic equity stakes, including IMX and Toro, a complete list of which is on the OZ Minerals web site.
http://www.traderdealer.com.au/Fundamentals/ozl
http://www.traderdealer.com.au/Fundamentals/sfr
Azure Minerals Ltd (AZS) has moved to accelerate exploration on one of its key projects in Mexico by entering into a joint venture with Australian mining company OZ Minerals Ltd (OZL) on Azure’s 100%- owned San Eduardo property, located in Sonora Mexico. OZ Minerals is a copper focused, Australian-based mining company which owns and operates the high quality Prominent Hill copper-gold mine in South Australia. OZ Minerals is building a pipeline of projects through acquisition, organic developments, and a strong commitment to exploration both at existing projects and through the identification of new opportunities. To earn an initial 51% participating interest in San Eduardo, OZ Minerals will spend US$3,000,000 over the next 3 years, with a minimum commitment of US$300,000 to be expended within the first year. OZ Minerals can earn an additional 19% participating interest in the project by spending a further US$10,000,000, taking its total equity to 70%.
Azure’s Executive Chairman, Mr Tony Rovira, welcomed the strong interest of OZ Minerals, one of Australia’s premier mining companies, as confirmation of the high quality of Azure’s 100%-owned Mexican projects. “We are delighted to have attracted OZ Minerals to the Sierra Madre Occidental district of northern Mexico, which is one of the world’s great mining provinces,” said Mr Rovira. “To secure the involvement of OZ Minerals in this exploration project is a strong vote of confidence in Azure’s on-going program of regional exploration, target identification and project staking, confirming the effectiveness of our exploration team in Mexico. This Joint Venture will enable Azure to accelerate our exploration programs and develop our projects.”
OZ Minerals is an Australian-based mining company with a focus on copper. It owns and operates the high quality Prominent Hill copper-gold mine in South Australia, and is building a pipeline of projects through acquisition, organic developments and a strong commitment to exploration both at existing projects and through the identification of new opportunities. In Australia OZ Minerals is exploring for copper-gold deposits in the Gawler Craton in South Australia. OZ Minerals is also actively seeking to increase its project portfolio through sole or joint initiatives. Leveraging from its strong operating experience and technical knowledge, OZ Minerals is exploring for gold and base metals, both in its own right and in partnerships with other companies. The San Eduardo Joint Venture with Azure Minerals is OZ Minerals’ first venture into Latin America.
Oz Minerals is expected to receive a recapitalisation offer from Royal Bank of Canada and Australia s RFC Group, providing the miner with an alternative to the China Minmetals takeover.
According to a report in the Financial Review, the proposal includes $1 billion in new equity and convertible bonds, and $200 million in working capital. A rights issue would also follow.
Shareholders are due to vote on the Minmetals deal on June 11th.
ASX Code: OZL
Source: Market Analyser. Click here for a free trial.
An upgrade in copper resources at the Prominent Hill mine sent Oz Minerals share price up 5.5% yesterday.
The amount of copper available in the South Australian mine was increased by 32%, raising the copper and gold mine s total resources by 10%. Oz is also now exploring ways to develop an underground mine beneath the existing open pit.
The mine will be Oz Minerals only producing asset if the proposed deal with Chinese MinMetals goes ahead.
Following Wayne Swan s approval of the deal in April, one of the Chinese Government s regulatory bodies also gave its approval to the asset acquisition yesterday.
Oz s shareholders will be voting on the proposal on June 11.
ASX Code: OZL
Chart from Market Analyser
For more info:
Adelaide Now
Following a competitive sale process over recent months, OZ Minerals Limited (OZL) today announced the sale of its Martabe gold and silver project in North Sumatra, Indonesia, to China Sci-Tech Holdings Limited (CST) for US$211 million in cash. CST has agreed to pay a deposit of US$10 million upon signing and the balance of US$201 million upon completion of the transaction, which is expected by early June 2009, subject to several conditions being satisfied. OZ Minerals will also be reimbursed by CST for an estimated expenditure of US$7.5 million on the project from 1 April through to the completion date.
CST was founded as an investment holding company and its subsidiaries are principally engaged in investments in financial instruments and property investment. CST has been pursuing interests in the mining sector for some time. Its mining and investment business will now be centered on the Martabe project. To assist this transformation, CST has appointed an experienced mining team and has formed a strategic relationship with an Indonesian partner. The sale is not conditional on financing, and CST will fund the acquisition from cash on hand. However, it is conditional on the consent of certain of OZ Minerals’ lenders, CST’s shareholders and Australia’s Foreign Investment Review Board.
“The proceeds from this sale will make an important contribution to addressing OZ Minerals’ refinancing issues”, said Andrew Michelmore, Managing Director and CEO of OZ Minerals.
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.
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.
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”
