OZ says no more offers put to it since Friday

The West Australian June 10, 2009, 1:00 pm

OZ Minerals says it hasn't received any new recapitalisation proposals since the two it knocked back last week.

"Not withstanding media speculation to the contrary, OZ Minerals wishes to clarify that it has not received any new or revised recapitalisation proposals subsequent to those received on Friday, which were both rejected by the company," OZ Minerals said in a statement today.

Last week, OZ Minerals was sent proposals as alternatives to its plan to selling sell key assets to China state-owned company China Minmetals Non-ferrous Metals Company (Minmetals) to raise funds to pay down debt.

OZ Minerals shareholders will vote tomorrow on the deal with Minmetals.

Under the plan, most of OZ Minerals' assets would be bought by Minmetals for about $US1.2 billion ($A1.5 billion).

If approved, OZ Minerals will be left with the Prominent Hill mine in South Australia as its only significant asset and between $750 million and $800 million in cash.

The deal excludes OZ Minerals' Martabe gold mine in Indonesia, which is being sold separately for $US211 million ($A263.16 million).

OZ Minerals said on Friday it would review any future unsolicited recapitalisation proposals that might be put to it.

AAP

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