OZ Minerals has today been advised that shareholders of China Sci-Tech Holdings Limited have voted in favour of the acquisition of the Martabe project in Indonesia from OZ Minerals.
OZ Minerals announced on 24 April that it had reached agreement with Hong Kong listed China Sci-Tech for the acquisition of the Martabe gold-silver project in Indonesia for US$211 million.
In addition, OZ Minerals will be reimbursed by China Sci-Tech for an estimated expenditure of US$7.5million spent on the project between 1st April and the completion date.
China Sci-Tech will fund the purchase from cash on hand and completion of the transaction and transfer of the cash consideration is expected early next week.
These proceeds will add to OZ Minerals strong balance sheet, which, following the recent completion of the transaction with China Minmetals Non-Ferrous Metals Co., Ltd stood in excess of US$575 million.
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