Martabe sale completed
Tuesday, June 30 2009 - 09:07 PM WIB
Australian miner OZ Minerals announced that it has completed the sale of the Martabe gold-silver project in North Sumatra to China Sci-Tech Holdings Limited.
Total proceeds from the sale amount to US$217.5 million, being a principal amount of US$211 million, plus an additional amount of US$6.5 million in reimbursement for expenditure on the project between 1 April and completion, the company said.
Of this sum, an amount of US$2 million has been withheld by China Sci-Tech Holdings Limited pending final accounting adjustments.
The proceeds from the sale of Martabe will further strengthen OZ Minerals? balance sheet and enhances the Company?s financial stability and its capacity to pursue further options to grow shareholder value, it said.(alex)