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DJ OZ Minerals Says M&A Focus Is On Advanced Copper Projects

Posted on: Sun, 29 Nov 2009 17:20:00 EST

Symbols: OZMLF

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MELBOURNE, Nov 29, 2009 (Dow Jones Commodities News via Comtex) --
OZMLF | Quote | Chart | News | PowerRating -- OZ Minerals Ltd. (OZL.AU) said Monday it will focus its hunt for acquisitions on advanced copper projects with potential output of more than 50,000 metric tons a year.

The miner has a cash balance of A$1 billion and, in a presentation on its strategy under new chief executive Terry Burgess, it said it would be looking primarily for purchases in Australia but would also be willing to look overseas.

In a presentation slide Burgess said OZ would look to, "acquire strategic positions and or partnerships in promising projects, target non-core assets from majors (and) projects requiring capital injection".

OZ also said Monday it has struck a deal to form a joint venture with IMX Resources Ltd. (IXR.AU) to explore for and develop cooper-gold projects on the smaller company's Mount Woods tenements, which are adjacent to OZ's Prominent Hill mine in South Australia.

IMX has also agreed to place 26,150,000 shares representing 15% of its issued capital to OZ at 38.5 cents per share.

OZ also released an updated total mineral resource for Prominent Hill, with contained copper metal rising 2.6% to 2.5 million tons and contained gold dropping 19.2% to 3.4 million ounces.

-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094; alex.wilson@dowjones.com

(END) Dow Jones Newswires

11-29-09 1720ET

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