OZ Min­er­als bids $444m for Avanco

The Australian Mining Review - - NEWS -

Mid-tier cop­per miner Oz Min­er­als has made a $444 mil­lion of­fer to snap up ju­nior cop­per ex­plorer Avanco Re­sources.

The Avanco board has ad­vised share­hold­ers to ac­cept the of­fer, with two ma­jor share­hold­ers rep­re­sent­ing 30 per cent in­di­cat­ing their sup­port for the takeover.

The prize as­set for OZ will be Avanco’s as­set port­fo­lio in the world-class Cara­jas re­gion in Brazil.

“OZ Min­er­als’ of­fer is at a sig­nif­i­cant premium to re­cent trad­ing lev­els and pro­vides an at­trac­tive op­por­tu­nity for Avanco share­hold­ers to both crys­tallise value to­day whilst also main­tain­ing base met­als ex­po­sure through their hold­ing in OZ Min­er­als, one of Aus­tralia’s lead­ing base met­als pro­duc­ers,” Avanco man­ag­ing di­rec­tor Tony Pol­glase said.

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