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Australian miner to acquire copper-gold business under $320M deal
Australia’s OZ Minerals has made a takeover of-fer worth A$418 million ($320 million) for Avanco Resources, a Bra-zilian-focused copper-gold mining company.
"The acquisition of Avanco would immediately add to OZ Minerals' copper production profile and provides expansion options in the highly prospective Carajás copper province and Gurupi gold belt in Brazil," OZ Minerals said in a statement. "The transaction is con-sistent with OZ Minerals' objective of becoming a multi-asset, copper-core, global modern mining company.”
The offer was unanimously recommended by Avanco’s board. The company’s shareholders who represent a total of 30.62% of Avanco shares have indicated thay they will accept the offer in the absence of a superior proposal, according to the statement.
Avanco currently produces between 12,000 tonnes and 14,000 tonens of copper per year. The company has assets in Brazil’s Ca-rajás copper region and the Gurupi greenstone belt.