OZL have just sold MARTABE for $211mil US:0124 APRIL 2009ASX...

OZL have just sold MARTABE for $211mil US:


01
24 APRIL 2009
ASX Release
Sale of Martabe project

Following a competitive sale process over recent months, OZ Minerals today announces the
sale of its Martabe gold and silver project in North Sumatra, Indonesia, to China Sci-Tech
Holdings Limited (“CST”) for US$211 million in cash.
CST has agreed to pay a deposit of US$10 million upon signing and the balance of US$201
million upon completion of the transaction, which is expected by early June 2009, subject to
several conditions outlined below being satisfied. OZ Minerals will also be reimbursed by CST
for an estimated expenditure of US$7.5 million on the project since 1 April through to the
completion date.
CST, which is listed on The Stock Exchange of Hong Kong, was founded as an investment
holding company and its subsidiaries are principally engaged in investments in financial
instruments and property investment. CST has been pursuing interests in the mining sector for
some time. Its mining and investment business will now be centered on the Martabe project.
To assist this transformation, CST has appointed an experienced mining team and has formed
a strategic relationship with an Indonesian partner through an immediate member of the
Soeryadjaya family (Judith Soeryadjaya) emphasising the family's commitment to the Martabe
Project.
The sale is not conditional on financing, and CST will fund the acquisition from cash on hand.
However, it is conditional on the consent of certain of OZ Minerals’ lenders, CST’s
shareholders and Australia’s Foreign Investment Review Board.
“The proceeds from this sale will make an important contribution to addressing OZ Minerals’
refinancing issues”, said Andrew Michelmore, Managing Director and CEO of OZ Minerals.
“We are pleased that, in CST and its Indonesian partners, we have been able to transact with a
team who has paid an acceptable price after a competitive bidding process and who also
understand and respect the requirements of doing business in Indonesia.” said Mr.
Michelmore.
OZ Minerals’ financial and legal advisors for this transaction were Gryphon Partners and
Freehills, respectively.
For further information please contact:
Natalie Worley Richard Hedstrom
Group Manager – External Relations Group Manager – Investor Relations
T 61 3 9288 0345 T 61 3 9288 0333
M +61(0)409210462