OZ Minerals
Encyclopedia
OZ Minerals 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. 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).
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.
Oxiana Limited
Oxiana Limited was an Australia-based copper and gold miner and exploration company. The company's operations were located in Laos, Australia, Cyprus and the Philippines...
and Zinifex
Zinifex
Zinifex was an Australian company which operated two zinc and lead mines, three zinc refineries and a lead smelter. It was created following the insolvency of Pasminco in 2002, taking on Pasminco operations. In 2008 it merged with Oxiana Limited to form OZ Minerals.-History:Zinifex was the...
in 2008.
In 2009, Chinese state owned China Minmetals
China Minmetals
China Minmetals Corporation is a Chinese metals and mineral trading company. It is a state-controlled corporation existing under the laws of the People's Republic of China, is a diversified metals and mining company based in Beijing, China...
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
Rio Tinto Group
The Rio Tinto Group is a diversified, British-Australian, multinational mining and resources group with headquarters in London and Melbourne. The company was founded in 1873, when a multinational consortium of investors purchased a mine complex on the Rio Tinto river, in Huelva, Spain from the...
, 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. 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
Minerals and Metals Group
Minerals and Metals Group is an Australian-based mining company and wholly owned subsidiary of China Minmetals. It was formed in 2009 with the purchase of most of OZ Minerals' assets by China Minmetals; these collective assets became MMG...
(MMG).
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.