OzMin Handover Comes with Good and Bad for BHP
In its last months of independence, OZ Minerals saw a sharp improvement in performance of its gold and copper businesses but also a worrying surge in cost pressures.
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Oz Minerals Limited
OZ Minerals is a copper-focused, global, modern mining company based in South Australia. Listed on the Australian Securities Exchange (ASX100) OZ Minerals has a growth strategy focused on creating value for all stakeholders.
We own and operate the copper-gold mine at Prominent Hill, are developing one of Australia’s largest copper-gold resources at Carrapateena, and have assets in Brazil. We also have a pipeline of earn-in agreements with experienced exploration companies in Australia and internationally. We are focused on creating a pipeline of opportunities. Our commitment to safety, capital discipline and our values underpin everything we do. We are a Modern Mining Company that adapts to the ever changing environment, harnessing the innovative ideas of our people and collaborating to leverage the experience of those around us. As Australia’s third largest copper producer, with quality assets, a healthy cash balance and no debt, we are ideally positioned for global growth.
OZ Minerals was formed in 2008 by the merger of two Australian non-ferrous metals mining businesses – Oxiana and Zinifex.
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News
Merger Mania Continues among Local Miners
Wedding bells continued to sound across the gold mining industry over the Christmas-New Year break, following on from the trend that emerged earlier in 2022.
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Sometimes, Money Can Buy You Love
BHP has won out in its pursuit of OZ Minerals, with the copper company’s board agreeing to a higher $28.25 a share offer, giving OZ an enterprise value of $A9.6 billion.
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BHP-OZ Marriage Back off the Rocks
OZ Minerals and BHP have resumed their marriage talks trying to find a dowry in the form of an offer price that will appeal both to shareholders and the market generally.
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OZ Happy to Talk About Everything Except BHP Bid
No new news on rumours of BHP's $25 per share marriage to OZ Minerals, but there was an intriguing technical update about the latter’s newest mining project in WA.
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Another Downgrade Leaves OZMin Vulnerable
OZ Minerals did its defence against BHP’s $25 per share offer no favours yesterday with the second full-year profit downgrade in the space of a quarter.
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Newmont Postpones Peru; OZ OKs West Musgrave
Contrasting decisions from two major miners on big projects, with Newmont postponing its gold copper expansion project in Peru for at least two years and OZ Minerals off and running at WA’s West Musgrave.
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Plenty of Smoke and Mirrors from OZ Minerals
OZ Minerals has attempted to offset negative coverage of its weak first half result and its rejection of the BHP bid by revealing plans to more than double its copper production over coming years.
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Moody’s a Big Fan of BHP’s OZ Moves
Ratings agency Moody’s certainly likes BHP’s appetite for OZ Minerals and the benefits it sees in the deal, believing all BHP has to do lift its $25 per share offer to win over the OZ Minerals board.
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Let the Games Begin for the BHP-OZL Olympiad
After BHP lobbed its $8.3 billion all-cash bid for OZ Minerals on Monday morning, the future for the targeted company is clear - it will not be allowed to remain independent.
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