Mining: OZL, Pure, New Hope
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Shares in debt-ridden Melbourne miner, OZ Minerals finished down yesterday, but not out as investors reacted negatively to the delay from the Foreign Investment Review Board to the & #36;2.6 billion takeover offer from China's Minmetals.OZ shares plunged 15% at the opening yesterday to a low of 50c, before they struggled higher to end at 53.5, a loss of 9.3% on the day.The FIRB inquiry was extended to June 22, leaving OZ Minerals, the world's second-biggest zinc miner, at the mercy of its lenders to extend a March 31 deadline on & #36;1.3 billion in debt or face collapse.The shares are now about 39% below the 82.5c a share offered by Minmetals, reflecting uncertainty over the deal's fate.Investment analysts, lobbyists and academics, expect the deal to be approved eventually, possibly with conditions as it involves a full takeover by a state-owned Chinese company.Deutsche Bank analysts told clients yesterday that FIRB's extension could be because of concerns over the ownership of assets by a Chinese state-owned firm.The analysts also suggested that FIRB needed time to assess the deal and apply appropriate conditions, likely to be job retention related. & quot;The delay was unexpected, however we assume the deal will be approved by June 22 with major job losses the likely outcome if FIRB rejects Minmetals bid, & quot; Deutsche said in a client note.National Party politician, Barnaby Joyce has lumped Minmetals' deal in with the more controversial deal of Chinalco's & #36;US19.5 billion tie-up with global miner Rio Tinto.That's also being reviewed by FIRB and has been extended.OZ's minerals are not as strategic as Rio Tinto's iron ore and other mining assets (being world class mines), but the approval and need for cash is far more important. .
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Daniel Kertcher established Platinum Pursuits in 2001 as a vehicle in which to share his knowledge of strategies to use the financial markets to grow wealth, with the aim of achieving financial freedom by making your money work for you.
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