OZ Minerals stockholders are preparing to hold a key vote this Thursday on whether to sell another of the state’s largest companies. Now it’s whether he sells for $9.6 billion.
Global mining giant BHP has surrounded the Adelaide-headquartered copper and gold mining company since its initial $8 billion bid to buy OZ Minerals was swiftly rejected by its board early last year. I’m in.
But now the second-largest listed company after Santos is in dailies The South Australian Business Index of the state’s top companies has unanimous board support for BHP to purchase all shares at a cash price of $28.25 per share.
Rebecca McGrath, Chairman of the Board of OZ Minerals, urged voters in a letter to over 43,000 people. shareholder We talked about a meeting at OZ Minerals’ Adelaide airport office.
If the sale goes ahead, BHP will manage the company’s renowned copper and gold mine, Prominent Hill, the Carrapatena mine in the north of the state, and the promising West Musgrave copper and nickel projects in Western Australia. increase.
“We look forward to participating in the scheme meeting and to vote in favor of the scheme subject to the independent expert continuing to conclude that the scheme is in the best interests of OZ Minerals shareholders and that there are no outstanding proposals. We recommend it.” McGrath wrote in a letter to shareholders in March.
McGrath called BHP’s initial proposal last August “very opportunistic.”
“It is unfortunate that OZ Minerals is going out,” said Mines and Energy Minister Tom Cousantonis.
“They have done a great job preparing SA for prosperity. We should thank the prospectors who discovered it) for their work ) helped build this SA-based company,” said Koutsantonis.
“We want our company to stay here and our employees to stay here. But whoever owns OZ Minerals, the legacy of these two deposits will live on.”
A spokesperson for OZ Minerals said about the company: We employ approximately 660 South Australians.
Brazil’s competition regulator has granted a sale permit in connection with OZ Minerals’ Santa Lucia iron oxide copper-gold deposit, the Antas copper-gold mine, and CentroGold, one of Brazil’s largest undeveloped gold projects. gave.
However, the “Scheme of Arrangement” must be voted on by more than half of the OZ Minerals shareholders voting at the General Meeting and at least 75% of the total votes must be in favour.
The OZ Minerals meeting was last week when OTR Group, one of South Australia’s largest employers with about 200 petrol and convenience stores across the state, was acquired by Victoria-based fuel supplier Viva Energy. following the announcement of
Rebecca Knol, Chief Executive Officer of the South Australian Chamber of Mines and Energy (SACOME), said OZ Minerals has made significant contributions to South Australia’s resources sector, starting as an explorer and now a successful developer. He said that he has grown into an operator who has
“OZ Minerals has demonstrated leadership in innovation, sustainability, landowner engagement and close collaboration with stakeholders and businesses,” she said. “SACOME is proud that she has represented OZ Minerals for almost 20 years.”
She echoed Koutsantonis’ comments about the value of the company’s SA business.
“Regardless of the outcome, Kalapatena and Prominent Hill will remain important mineral assets for the state and will continue to benefit the people of South Australia.”
OZ Minerals owns some of the country’s most potential mining assets.
Prominent Hill, 130km southeast of Coober Pedy, is said to produce one of the finest copper concentrates traded on the open market, while Carrapatena is “Australia’s largest undeveloped mine.” one of the copper deposits.
OZ Minerals’ letter to shareholders said at a meeting this week that BHP Lonsdale Investments Pty Ltd, a wholly-owned subsidiary of BHP Group Limited, “agreed to acquire 100% of BHP Group Limited,” a “proposed It says that you can vote for “scheme of schemes”. For $28.25 per OZ Minerals share he can buy OZ Minerals shares.
This consists of “a full special dividend of $26.50 per OZ Minerals share held on the scheme record date and a special dividend of $1.75 per OZ Minerals share held on the special dividend record date” .
In its Economic Contribution Report released last September, BHP said it employed more than 10,000 South Australians and spent $1 billion on local suppliers in the previous financial year.
Earlier in the month, it posted record earnings with underlying earnings of $57 billion, boosted by rising copper prices and a strong fiscal year end from SA’s Olympic Dam mine.
BHP Chief Executive Officer Mike Henry previously described the bid as a “very compelling proposition” for OZ Minerals shareholders, which provides certainty.
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“BHP and OZL’s combination of assets, skills and technical expertise, together with complementary resources, including the prospects of the Oak Dam exploration and nearby existing facilities, backed by BHP’s strong balance sheet, capital discipline and commitment, will contribute to It offers a unique opportunity not available in individual ownership: for sustainable development,” Henry told ASX.
BHP has operations in more than 90 locations around the world, including Australia, Chile, the United States and Canada, and owns the Olympic Dam mine, a rich copper, gold and uranium deposit in South Australia.
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