OZ Minerals has confirmed that its takeover bid for all of the ordinary shares in Avanco Resources has closed.
OZ Minerals (ASX:OZL) has confirmed that its takeover bid for all of the ordinary shares in Avanco Resources (ASX:AVB) closed at 7.00pm (Sydney time) on 6 July 2018.
OZ Minerals currently has a relevant interest in 97.70 percent of Avanco’s shares, and according to the company has commenced the compulsory acquisition process for the remaining Avanco shares.
OZ Minerals has copper-gold operations in South Australia, and through the takeover of Avanco will now have a significant presence in Brazil, where Avanco operates the Antas copper-gold mine in the Carajás mineral province.
Upon announcing the compulsory acquisition at the end of June, CEO of OZ, Andrew Cole said:
“The combination of OZ Minerals and Avanco provides an operating asset in Antas, and importantly it adds to our organic growth pipeline with its development and exploration opportunities in the Carajás and Gurupi provinces in Brazil. Our integration team and other key personnel are now in Brazil working with the Avanco team to optimize the assets and unlock the potential of the impressive project pipeline.”