Minmetals to buy MMG from parent
- Publishing Date
- 19 Oct 2010 11:38am GMT
- Author
- Mining Journal
Minmetals Resources Ltd (MMR) has agreed to buy Australian company Minerals and Metals Group (MMG) for US$1.85 billion from its parent company, China Minmetals Non-Ferrous Co Ltd (CMN).
To complete the deal, MMR said it will provide its largest shareholder with a combination of cash, shares and convertible securities.
Under the agreement, MMR will appoint MMG’s chief executive officer Andrew Michelmore and chief financial officer David Lamont to those respective positions at MMR. Both will also serve as directors of MMR.
Based in Melbourne, MMG was formed last year after CMN purchased assets belonging to Oz Minerals Ltd for US$1.4 billion. MMG is a producer of zinc, copper, lead, gold and silver.
The deal is subject to the approval of the Australian Government and MMR’s independent shareholders, who will vote on November 23.
To complete the deal, MMR said it will provide its largest shareholder with a combination of cash, shares and convertible securities.
Under the agreement, MMR will appoint MMG’s chief executive officer Andrew Michelmore and chief financial officer David Lamont to those respective positions at MMR. Both will also serve as directors of MMR.
Based in Melbourne, MMG was formed last year after CMN purchased assets belonging to Oz Minerals Ltd for US$1.4 billion. MMG is a producer of zinc, copper, lead, gold and silver.
The deal is subject to the approval of the Australian Government and MMR’s independent shareholders, who will vote on November 23.
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