- Write by:
-
Saturday, September 24, 2022 - 21:59:34
-
519 Visit
-
Print
Mining News Pro - OZ Minerals Ltd., the target of a takeover attempt by BHP Group Ltd., has approved a A$1.7 billion ($1.1 billion) investment to develop its West Musgrave copper-nickel project in Western Australia.
All key regulatory approvals for the project are now in place, and OZ Minerals’ lenders have provided a new A$1.2 billion, 18-month syndicated facility to help develop West Musgrave, the Sydney-listed company said in a statement Friday. The final funding mix may include potential to sell a minority interest in the project to a strategic partner, it added.
“Investment approval for West Musgrave unlocks one of the largest undeveloped nickel projects in the world,” Chief Executive Officer Andrew Cole said in the statement. “It is set to generate about A$9.8 billion undiscounted cashflow over its 24-year operating life.”
The approval comes a week after people familiar with the matter said OZ Minerals was seeking about A$10 billion in a potential sale to BHP, after the miner knocked back a smaller takeover bid from the giant in August.
BHP is seeking growth in commodities tied to trends including low-emissions transport and clean energy — particularly copper for renewables and nickel for lithium-ion batteries.
The potential for a strategic alliance for West Musgrave follows expressions of interest from parties with a strategic interest in modern minerals over the past six months, OZ Minerals said. It added it’s currently engaged with a number of parties to assess its approach to this option.
Short Link:
https://www.miningnews.ir/En/News/622208
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
No comments have been posted yet ...