Court approves Oz Minerals class action settlement
JOHANNESBURG (miningweekly.com) – The Federal Court has approved the settlement agreement between Adelaide-based miner Oz Minerals and ACA Lawyers, on behalf of former Zinifex shareholders.
“As a result of the court approval, the class action against Oz Minerals has been dismissed without admission of liability by the company,” the ASX-listed firm reported on Monday.
Oz Minerals has agreed to an amount of A$32.5-million, of which its net contribution is A$24-million to settle the class action from Zinifex shareholders, who claimed that the company had failed to disclose information to the market about refinancing its debt.
Zinifex merged with Oxiana in 2008 to form Oz Minerals.
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