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OZ Minerals - Ministerial approval for Carrapateena transfer

Posted 02 May 2011

ASX Releases

OZ Minerals is pleased to announce that approval has now been received for the transfer of the exploration licenses covering the Carrapateena project from the South Australian Minister for Mineral Resources Development, The Hon Tom Koutsantonis.

This is a significant step in the process of transferring full ownership of the Carrapateena deposit to OZ Minerals following the signing of a Sale and Purchase Agreement with vendors Rudy Gomez (58%), Teck Australia Pty Ltd (34%) and other minorities (8%) on 9 March 2011.  

OZ Minerals and the vendors are nearing completion of the other requirements as agreed under the Sale and Purchase Agreement to facilitate the transfer and it is currently anticipated that settlement for the transaction, including payment of the remaining US$240 million, will take place in early May 2011, as agreed by the parties.

OZ Minerals Managing Director and CEO Terry Burgess said, "we look forward to beginning work on this high quality copper project including reviewing the program for exploration, technical studies and development planning over the remainder of 2011. We have commenced recruitment and are delighted again with the efficiency and professionalism of our dealings with the South Australian Government.”

For further information please contact

Natalie Worley
Head of Investor & External Relations

T + 61 3 9288 0345
M + 61 409 210 462

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