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Australia clears Minmetals plan to buy OZ

By Jiang Wei (China Daily)
Updated: 2009-04-25 09:22

The Australian government has cleared China Minmetals' $1.21 billion proposal to acquire the mining assets of OZ Minerals Ltd subject to certain conditions.

Australia's Federal Treasurer Wayne Swan approved the deal on Thursday but said Minmetals would have to operate the acquired mines as separate businesses with commercial objectives.

The mines also must remain headquartered in Australia under an Australian management team, including an Australia-based chief executive and chief financial officer.

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Prices must be set on an arms-length basis to China Minmetals, in line with international benchmarks, Swan said.

Minmetals must also maintain or increase production and employment at the Century, Rosebery and Golden Grove mines, pursue growth in the Century and Rosebery mines, reopen Avebury mine, and develop Dugald River mine, subject to economic conditions.

"These undertakings, which are designed to protect around 2,000 Australian jobs, ensure consistency with Australia's national-interest principles and are a condition of the approval under the Foreign Acquisitions and Takeovers Act 1975," Swan said.

Minmetals welcomed the approval from the treasurer and termed the deal a "significant milestone in Sino-Australian cross-border investment".

"While recognizing the focus is on shareholder approval in the short term, we look forward to building long-term partnerships and meeting as soon as practicable with relevant stakeholders, particularly employees," the company said in a statement released by its Australian spokesman.

The company's spokesman for the project in Beijing was unavailable for comments. The deal,still subject to approval by Chinese regulators and OZ Minerals' shareholders, is expected to conclude by June.

The Chinese company had earlier proposed to take over the Australian miner in a $1.7 billion deal, which was rejected by Swan due to the proximity of a copper-gold mine, Prominent Hill, to a weapons-testing site.

The two companies subsequently excluded the Prominent Hill mine from the asset purchase deal and submitted a fresh $1.21 billion proposal.

Swan said OZ Minerals intends to remain listed on the Australian exchange and will continue operating and developing the Prominent Hill mine.

The deal would leave it with A$500 million ($366 million) in cash.

Bloomberg News reported on Friday that OZ Minerals Chief Executive Officer Andrew Michelmore might join Minmetals, quoting Melbourne-based Credit Suisse analysts.

Analysts Michael Slifirski and Nathan Littlewood said: "Minmetals is clearly buying both assets and people, including management. We would imagine that Michelmore may go to Minmetals, potentially leaving the key role available."