Release: OZ Minerals: FIRB approval received for Martabe sale
Wednesday, May 27 2009 - 08:11 AM WIB
(27 May 2009)--OZ Minerals wishes to advise that notice has been received from Australia's Foreign Investment Review Board (FIRB) that it has determined that the proposal by China Sci-Tech (CST) Holdings Limited to acquire OZ Minerals Limited?s interest in the Martabe Project, including the Project?s subsequent proposed acquisition by Smart Rich Energy Finance (Holdings) Limited (or its wholly owned subsidiary) presented no objections in terms of the Government?s foreign investment policy.
?This is an important step towards completion of the sale of Martabe and we continue to work with CST in order to complete the transaction towards the end of June? said OZ Minerals Chairman Barry Cusack.
On 24th April, OZ Minerals announced the proposed sale of Martabe to Hong Kong listed CST for US$211m in cash. In addition, OZ Minerals will be reimbursed by CST for an estimated expenditure of US$7.5m on the project spent between 1st April through to the completion date.
The FIRB approval satisfies one of the Conditions Precedent to the sale and still requires approval from CST shareholders and the consent of certain OZ Minerals banks. (end of release)