https://www.miningweekly.com

Oz Minerals moves to take Avanco in full

27th June 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Copper/gold miner Oz Minerals will start the compulsory acquisition of the remaining shares in takeover target Avanco, after gaining a 90.46% shareholding in the company.

Oz Minerals’ offer of 8.5c in cash and 0.009 of its own shares for every Avanco share held will close on July 6.

“The combination of Oz Minerals and Avanco provides an operating asset in Antas, and importantly it adds to our organic growth pipeline with its development and exploration opportunities in the Carajas and Curupi provinces in Brazil,” said Oz Minerals CEO Andrew Cole.

“Our integration team and other key personnel are now in Brazil working with the Avanco team to optimise the assets and unlock the potential of the impressive project pipeline.”

Meanwhile, Oz Minerals on Wednesday told shareholders that it had entered into an earn-in agreement with private explorer Mineral Prospecting Sverige to explore for iron oxide copper gold (IOCG) in the Norrbotten district in Sweden.

Oz Minerals can earn a 75% interest in the project by spending $10-million over a 66-month period, with the company also holding the right to purchase a further 25% equity at a price that will be determined by an independent appraisal of fair market value.

Historic exploration on the leases has intersected a copper and zinc skarn system in the southwest of the licence and has defined two small magnetite-hosted iron occurrences.

Subsequent gravity and electromagnetic surveying revealed a continuous 3.8-km-long, untested gravity anomaly between the two iron occurrences, with a coincident electromagnetic response.

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.128 0.16s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: