Metals News
BRIEF-OZ Minerals Acquires Carrapateena Copper Project
industry news
Mar 9,2011

Mar.9 (Reuters) - OZ Minerals Announces it signed an agreement to purchase the Carrapateena copper-gold project in South Australia from Rudy Gomez (58%), Teck Australia Pty Ltd (34%) and various minorities (8%).

The consideration for the purchase is $250 million, with a $10 million deposit paid immediately and the remaining $240 million payable on transfer of the asset. Further payments will be made upon commercial production being reached. 

While a Mineral Resource has not yet been estimated for the Carrapateena deposit, OZ Minerals considers that between 225Mt and 250Mt at a grade of between 1.2% and 1.3% Cu and approximately 0.5g/t Au and 250ppm U3O8 could be possible, representing between 2.7Mt and 3.3 Mt of copper, 3.6Moz and 4Moz of gold and 124Mlbs and 138Mlbs U3O8. * The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a Mineral Resource.



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