JOHANNESBURG (miningweekly.com) – Adelaide-based miner Oz Minerals has agreed to pay A$24-million to settle class action proceedings brought against it by former shareholders of Zinifex.
Zinifex merged with Oxiana in 2008 to form Oz Minerals. Zinifex shareholders claimed that Oz Minerals had failed to disclose information to the market about the refinancing of its debt.
Oz Minerals stated on Wednesday that the agreed settlement amount was A$32.5-million, of which its net contribution was A$24-million.
“The settlement is without admission of liability by Oz Minerals… and was agreed to avoid litigation risk and significant expense of a lengthy trial….,” the company reported.
The settlement payment would be recorded in Oz Minerals’ 2016 financial results as the settlement was expected to occur in the second half of the financial year.