OZ Minerals Under Pressure for Northparkes
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- Category: Molybdenum's News
- Published on 30 July 2013
- Hits: 393
The price was better than analysts' valuations on Rio's Northparkes stake at around $400 million, excluding potential new resources. But analysts had said the company would look for between $750 million and $1 billion.
OZ Minerals had been under pressure from shareholders not to overpay for Northparkes, although the mine would have been a good fit as OZ needs production to fill a gap between the decline of its Prominent Hill mine and the ramp-up of its Carapateena mine.
Others who were in the running for Northparkes were Nyrstar and private equity firms Carlyle and KKR & Co. Most bids were below $800 million, said one banker involved. He declined to be named as the process was confidential.
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