Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
Australia’s OZ Minerals said on Tuesday its A$9.6 billion ($6.38 billion) buyout by BHP Group has received Vietnam’s Competition and Consumer Authority’s approval.
In early February, OZ Minerals had also received approval from Brazil’s competition regulator, the Administrative Council for Economic Defence, for the proposed buyout.
The copper-gold producer on Dec. 22 entered a scheme implementation deed with the world’s largest listed miner, BHP, to proceed formally with the takeover.
The scheme still remains subject to other conditions, including approval by OZ Minerals’ shareholders, and by an Australian court. The scheme meeting is scheduled to be held on April 13, according to OZ Minerals.
($1 = 1.5051 Australian dollars)
(By Jaskiran Singh; Editing by Krishna Chandra Eluri)
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