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Minmetals to put overseas minerals assets into OZ Minerals

By Jiang Wei and Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-06 15:11

China Minmetals Corp, the country's largest metal trader, is considering putting its overseas mineral assets into recently acquired Australian mining firm OZ Minerals Ltd if the deal goes through, its President Zhou Zhongshu said on Friday.

Related readings:  Energy: Minmetals to buy OZ Minerals  Minmetals looks for mergers  Minmetals eyes overseas expansion China Minmetals' revenue up 28% in 2008

The metal trader plans to use the Australian mining firm as a platform to consolidate its overseas mineral assets, Zhou said in an interview in Beijing.

China Minmetals Corp plans to buy OZ Minerals Ltd for A$2.6 billion ($1.7 billion) in cash, it announced last month.

Zhou said the Oz deal, scheduled for completion in June, has been approved by the Australian company's board but has yet to get the go-ahead from its shareholders and Australia's Foreign Investment Review Board.