DJ OZ Minerals CEO Says Asset Sale Likely Within Days27/02/2009...

DJ OZ Minerals CEO Says Asset Sale Likely Within Days
27/02/2009 10:51AM AEST



MELBOURNE (Dow Jones)--OZ Minerals Ltd. (OZL.AU) Chief Executive Andrew Michelmore said Friday the miner is in advanced talks on two asset sales and expects to be able to announce one deal within days.

OZ is in talks with potential buyers of the Martabe and Golden Grove assets and Michelmore said applications had been made to Australia's Foreign Investment Review Board on both sales, and announcements are likely soon: "I would have thought, certainly for one of them, within days and maybe the other one within a week," he told analysts.

Michelmore said completion of asset sales isn't a precondition of the loan extensions the miner has been granted by its lenders.

Those extensions, which remain subject to documentation, satisfy preconditions for the A$2.6 billion takeover bid from China Minmetals Nonferrous Metals Co., and Michelmore said the focus is now turning to winning government approvals.

Minmetals lodged its application with FIRB on Feb. 19 and OZ is providing plenty of information as requested to support the application, he said.



-By Alex Wilson, Dow Jones Newswires; 61-3-9671-4313; [email protected]