Photo by: Bloomberg
PERTH (miningweekly.com) – Diversified miner BHP has completed the acquisition of copper miner Oz Minerals, with the takeover target having applied to be removed from the ASX.
“This acquisition strengthens BHP’s portfolio in copper and nickel and is in line with our strategy to meet increasing demand for the critical minerals needed for electric vehicles, wind turbines and solar panels to support the energy transition,” said BHP CEO Mike Henry.
“Combining our two organisations will provide options for growth, bring new talent and innovation to unlock these resources in a sustainable way, and deliver value to shareholders and communities.”
BHP told shareholders on Tuesday that in bringing together the BHP and Oz Minerals businesses, the major will focus on safe and reliable operation of the Olympic Dam, Prominent Hill and Carrapateena assets, building a shared culture of innovation and performance, and progressing sustainable growth options to establish a copper province in South Australia.
“We welcome the Oz Minerals team to BHP as new colleagues with shared values of safety, respect, innovation and performance. Bringing together our quality resources, talented teams and innovative thinking will help us create opportunities for local employment, small businesses, regional communities, Traditional Owners and the South Australian economy,” BHP COO Edgar Basto said.
“South Australia has the potential to be a major supplier of copper to meet the world’s increasing demand for copper and we look forward to unlocking the potential of our people and their combined talent. This will require new thinking and new technology and we are excited to begin work on the opportunities ahead.”
Oz Minerals shareholders will receive A$2.25 a share in cash for their holding in the copper miner, comprising a A$26.50-a-share scheme consideration and a fully franked special dividend of A$1.75 a share paid by Oz Minerals.
Oz Minerals’ shares on the ASX were expected to cease trading on May 3.