OZ Minerals buys Carrapateena copper for US$250m

Mar 09, 2011 (Dow Jones) - OZ Minerals Ltd has acquired Carrapateena copper, a project in South Australia, for US$250 million.

The asset is controlled by Rudy Gomez with 58%, with the remaining interest held by Tech Australia Ltd with 34% and various minorities.

OZ operates the Prominent Hill copper mine, which started producing first copper-gold concentrate in February 2009. It is located about 250km to the north west of Carrapateena.

The company also owns about 19% of Sandfire Resources NL, about 42% of Toro Energy and some 13% of IMX Resources Ltd along with various other listed investments.

Chief executive officer, Terry Burgess said the project has the potential to produce between 50,000t/y and 150,000t/y of copper.