International news within the industry of mining and metal, Jan, 18 2019
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Australian miner to acquire copper-gold business under $320M deal

Photo: OZ Minerals
Photo: OZ Minerals
Published by
Jaroslaw Adamowski - 03 Apr 2018

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.

Since the completion of the first test shipments in July 2018, Rio Tinto increased the number of autonomous tours along the Groups iron ore lines in Western Australia in a controlled manner. Now, Rio Tintos trains have travelled over one million kilometres completely autonomously. Photo credit: Rio Tinto company
Since the completion of the first test shipments in July 2018, Rio Tinto increased the number of autonomous tours along the Groups iron ore lines in Western Australia in a controlled manner. Now, Rio Tintos trains have travelled over one million kilometres completely autonomously. Photo credit: Rio Tinto company

The world's first mining-related railway network for autonomous trains was opened

"improves productivity"

The mining company Rio Tinto's AutoHaul ™ program, which is expected to cost $ 940 million, is...