OZ expects US$211 M from Martabe

OZ Minerals expects to complete the sale of its Martabe project in North Sumatra, Indonesia by the end of this month and receive settlement proceeds of US$211 million. 

China's Minmetals Non-Ferrous Metals Co had paid a final amount of US$1.35 billion for the assets, excluding the Martabe project. Oxiana Ltd acquired Martabe gold project in 2007 through its purchase of Australian-listed Agincourt Resources Ltd via a US$388 million scrip offer. The project will produce 200,000 ounces of gold and 2 million ounces of silver and it expected to cost US$310 million to develop.

Agincourt in cooperation with Dharmawangsa Group acquired 90% shares in Martabe project from Newmont Mining Corporation for US$76.5 million in 2006. 

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