seen offloading martabe for $200m, page-8

Here's the whole article:

-------------------------------------------------
OZ Minerals near deal on Martabe mineFont Size: Decrease Increase Print Page: Print Sarah-Jane Tasker | February 20, 2009
Article from: The Australian
OZ Minerals is close to announcing the sale of its Martabe gold mine in Indonesia, which is tipped to go to a vehicle headed by former OZ Minerals director Owen Hegarty.

The possible sale follows a $2.6 billion bid for the debt-laden miner by China's Minmetals.

Announcing the surprising takeover earlier this week -- a move that has kept the company from going into administration -- OZ Minerals said it was moving ahead with the sale of Martabe and its Golden Grove polymetallic mine in Western Australia, which could add further upside to Minmetals' 82.5c a share offer.

Minmetals' offer will increase if the aggregate net sale proceeds from those two assets exceed $425 million.

Its shares are still trading below the offer price, closing at 65c yesterday.

The Melbourne-based miner has a February 27 deadline set by its banks to sort out its financial issues, which include finalising the asset sales, but OZ has sought another extension to allow the Minmetals offer to proceed.

If its request for an extension is granted, it would not have to get both the asset sales done before next Friday's deadline, but the Martabe deal is still expected to be announced before then.

One analyst said it was likely the shareholders could achieve some small upside, as it was possible the asset sales would go above $425 million.

The company said it would not comment on market speculation, but earlier this week chief executive Andrew Michelmore said the sale process for both assets had been competitive, with Martabe having eight companies sign confidentiality agreements to review the asset.

He added that the diversified miner had made good progress on the Golden Grove sale.

"We are talking to one party in particular, but a number of parties were interested," he said.

Citi values Martabe at $235 million and Golden Grove at $265 million.
------------------------------------------
cheers
toscanunan