Debt-laden Australian miner OZ Minerals announced on April 14 that it has signed a $1.21 billion takeover deal with China Minmetals, which revised its original bid following the exclusion of flagship Prominent Hill mine and other "sensitive assets" from the deal. The new purchase scheme has already been submitted to Australia's Foreign Investment Review Board (FIRB) for approval.
Previously on March 27, Australia's Federal Treasurer Wayne Swan turned down Minmetals' takeover bid for OZ Minerals, citing national security concerns, since OZ Minerals' Prominent Hill mining operations were situated close to a sensitive weapons-testing site. However, he agreed to consider the deal if the mine in question was excluded.
On April 1 China Minmetals Corp negotiated a new investment plan with OZ Minerals to buy most of the miner's assets. According to the revised scheme, Minmetals agreed to spend AU$1.75 billion ($1.2 billion) to take over OZ Minerals' zinc, gold and copper projects in Australia and Laos and certain other exploration and development assets.