Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed Oz Minerals on Friday confirmed that it had sold its 19.1% shareholding in fellow-listed Sandfire Resources for A$125-million.
Both companies went into a trading halt earlier in the day, with Oz flagging the sale of one of its "equity holdings", without giving further details.
Oz later told shareholders that it had divested of its 29.9-million shares in Sandfire, at a price A$4.20 a share, representing a 1.75% discount to the last market price of Sandfire, prior to the trading halt.
Oz had acquired its interest in Sandfire in 2010 for A$100-million, saying, at the time, that it was a strategic investment that would provide shareholders with exposure to Sandfire’s Doolganna project, in Western Australia.
The miner said the divestment of the Sandfire stake formed part of the company’s whole-of-business strategic review, which had also resulted in the restructuring and relocation of its corporate offices, initiatives to enhance the Carrapateena resource, in South Australia, and the suspension of the Carrapateena sales process.