Oz Books
OZ seeks sale January gold project in Indonesia
Publisher: From: chinamining Click? 53 Date: 2009-01-04 10:33:35
OZ Minerals Ltd, the Australian miner gave an extension of two months from its banks to refinance $ 560 million of debt, is to sell its Martabe gold project in Indonesia by the middle of next month, a sale document shows.
The company is seeking bids for the company which has proven gold reserves valued at approximately $ 2 billion dollars, according to the draft document prepared by consultants of the company, a copy was provided to Bloomberg News.
Matthew Foran, a spokeswoman based in Melbourne OZ Minerals, declined comment.
OZ Minerals stock has fallen 84 percent this year as investors bet it would be difficult to finance projects after global credit dried up. BNP Paribas and Bank of Scotland Plc are among banks that have accepted OZ Minerals given until February to repay the debt after the company burned through nearly $ 700 million in six months as copper and zinc slid.
OZ Minerals Ltd. formed when Oxiana Zinifex Ltd took over in July, the last trade at 55 cents Australian November 27, giving the company a value of A $ 1.7 billion (1.2 billion dollars).
The project in Sumatra, the main island northern Indonesia, may be sold for at least 250 million dollars, according to an adviser to one of the potential bidders, who have refused to be identified because the process is confidential.
The project has the largest number of 2.3 million ounces of proven reserves gold, according to the document. The 6591 kilometers square, the mining area was also 30.1 million ounces of silver, it shows. But on average $ 872 an ounce in 2008, while the money was on the $ 15.
Prominent HillOZ Minerals, the world's second-zinc mine, the receipt of approaches Control of Copper A 2.5 billion dollar Prominent Hill href = "http:// <a%20target=" _blank> or"> http://www.cnmining.org/news/?id=977 "> Gold mine, the company said yesterday in a statement. It also seeks loans to bridge gaps Cash at three of its projects. Credit markets worldwide were reduced after financial companies booked more 1 trillion dollars in writedowns and credit market losses since last year.
Zinc Metal Exchange London, the largest in the world metals market, fell 67 per cent and nickel lost 63 per cent.
Revenue during the operation OZ at Golden Grove in Western Australia, which produces mainly zinc, copper and precious metals fell 41 percent to A $ 176 million for the six months ended June from a year earlier. The project was 35 per cent of total revenue.
Fifty kilometers from the port of Sibolga Martabe project needs as much as $ 300 million in development costs for the following year, two people familiar with the matter.
The project probably 5.9 million ounces of gold and 61.9 million ounces of silver, including evidence reserves, according to the document.
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Article Source: ArticlesBase.com – Oz Seeks January Sale of Indonesia Gold Project
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