SYDNEY, March 30 (Reuters) - Chinese state-owned Minmetals has put a revised offer to miner OZ Minerals, after Australia rejected its original $1.7 billion bid on national security grounds, the Australian Financial Review reported on Monday.
Without citing sources, the paper said the new Minmetals proposal, put to the OZ board on Sunday, was to buy most of OZ's assets apart from its key Prominent Hill copper-gold mine, which is near the Woomera military installation in outback Australia.
Treasurer Wayne Swan said in a statement on Friday that he would not approve a Minmetals takeover of OZ that included Prominent Hill.
OZ Minerals faces a Tuesday deadline to refinance A$1.3 billion ($900 million) in debt and is at risk of defaulting if it doesn't agree to a new deal or sell assets to raise cash.
($1=1.444 Australian Dollar)
(Reporting by James Thornhill; Editing by Anirban Nag)
((james.thornhill@thomsonreuters.com; +61-2-9373-1816; Reuters Messaging: james.thornhill.reuters.com@reuters.net)) Keywords: OZMINERALS/ (If you have a query or comment on this story, send an e-mail to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Without citing sources, the paper said the new Minmetals proposal, put to the OZ board on Sunday, was to buy most of OZ's assets apart from its key Prominent Hill copper-gold mine, which is near the Woomera military installation in outback Australia.
Treasurer Wayne Swan said in a statement on Friday that he would not approve a Minmetals takeover of OZ that included Prominent Hill.
OZ Minerals faces a Tuesday deadline to refinance A$1.3 billion ($900 million) in debt and is at risk of defaulting if it doesn't agree to a new deal or sell assets to raise cash.
($1=1.444 Australian Dollar)
(Reporting by James Thornhill; Editing by Anirban Nag)
((james.thornhill@thomsonreuters.com; +61-2-9373-1816; Reuters Messaging: james.thornhill.reuters.com@reuters.net)) Keywords: OZMINERALS/ (If you have a query or comment on this story, send an e-mail to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.