SYDNEY, June 5 (Reuters) - Australian investment advisory firm RFC Group and Royal Bank of Canada (RY.TO) have submitted a fully underwritten, $1.2 billion recapitalisation proposal to Australia's OZ Minerals Ltd (OZL.AX), the banks said on Friday.
The proposal would involve $1 billion in equity and convertible bonds, as well as $200 million in working capital, and would be in competition to a $1.2 billion offer for most of the debt-laden miner's assets from Chinese firm Minmetals.
Moments earlier, OZ Minerals said it had received "indicative" and "non-binding" approaches but added there was no firm, alternative proposal worth pursuing.
OZ Minerals needs to raise money to repay A$1.1 billion in debts that are due by June 30. ($1=A$1.25) (Reporting by Sonali Paul and Denny Thomas;)
OZL Price at posting:
$8.85 Sentiment: Hold Disclosure: Held
