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Strategies & Market Trends : The Ego Forum -- Ignore unavailable to you. Want to Upgrade?

To: hubris33 who wrote (4022)	6/11/2009 7:34:11 PM
From: El Canadiense	Respond to of 12175

follow this lead. Didipio is an easy sell, they should auction on Ebay. Minmetals Succeeds in OZ Minerals Deal 2009-06-11 China Minmetals Corporation is pleased to announce its subsidiary China Minmetals Nonferrous Metals Co., Ltd. has succeeded in the OZ Minerals assets acquisition. At OZ Minerals Annual General Meeting held today in Melbourne, shareholders voted in favor of selling Sepon, Golden Grove, Century, Rosebery, Avebury, Dugald River, High Lake, Izok Lake, as well as OZ Minerals' interests in all other exploration and development assets to China Minmetals at a price of $1.386 billion. China Minmetals will in the next week complete the delivery of assets with OZ Minerals. By then, a new Australian company called Minerals and Metals Group Limited (MMG), wholly-owned by China Minmetals, will be set up to manage these assets. China Minmetals' final offer increased from $ 1.206 billion to $1.386 billion to reflect the current metal market and capital market improvements. Zhou Zhongshu, President of China Minmetals Corporation, said "This is a win-win transaction. China Minmetals, in the development of its own business, also makes a positive contribution to the employment, tax revenue and economic development of Australia. We will honor our transaction commitments to the Treasury Department of Australia and contribute to the development of Sino-Australian trade and economic relations. In the meantime, we also look forward to a close cooperation with the Lao government to follow up on Sepon copper mine development." "For our company, this is a landmark moment. China Minmetals believes that through this acquisition and the following business development as the economy grows, China Minmetals will have a bright future in Australia. The high-quality workforce of OZ Minerals is one important factor to attract us to the deal, and most of the OZ Minerals staff will join MMG. MMG will help us further develop our global business." "I appreciate the full support rendered by the two governments, professional agencies and industry colleagues; we will make unremitting efforts to develop MMG into a benchmark for economic and trade cooperation between China and Australia." As a Fortune Global 500 company, China Minmetals has its main business in the development, production, trading and comprehensive service for metals and minerals, and also engages in finance, real estate and logistics. In 2008, China Minmetals registered a turnover of $ 27.7 billion and a gross profit of RMB 7.1 billion.