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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China Minmetals still discussing Oz Minerals deal By ROHAN SULLIVAN,Associated Press Writer AP - Monday, March 30 MELBOURNE, Australia - China's Minmetals was still in discussions with Australia's foreign investment regulators about buying debt-laden Oz Minerals, a spokesman said Monday, after a crucial part of the deal was vetoed by the government. ADVERTISEMENT Treasurer Wayne Swan delivered a blow to China Minmetals Nonferrous Metals Co.'s proposed 2.6 billion Australian dollars ($1.7 billion) acquisition of the world's second-largest zinc producer when he said the state-owned company would not be allowed to buy Oz Minerals' Prominent Hill mine in the Woomera Prohibited Area, a military weapons testing range. Fairfax Media newspapers reported Monday that Minmetals handed Oz Minerals a revised plan to buy most of the company but not the Prominent Hill gold and copper mine. Oz Minerals, which sought the original Minmetals deal as a financial lifeline, did not respond to requests for comment Monday. Minmetals spokesman in Australia, Ian Smith, also declined to comment on a revised plan but said Monday the company had been talking to the Foreign Investment Review Board and "that remains the case." "Any offer put forward would be subject to FIRB considerations," Smith said. Oz Minerals is Australia's third-largest mining company and the world's second-largest producer of zinc. It also produces copper, gold, lead and silver. It is trying to refinance 1.2 billion Australian dollars ($780 million) in debt that is due on Tuesday. The debt was accumulated when Oz Minerals was formed through the merger of mining companies Oxiana and Zinifex. Oz Minerals Chief Executive Andrew Michelmore said last Friday that the company had begun talks with Minmetals about possible changes to the deal. Credit Suisse analysts said it would be surprising if MinMetals was still interested in doing business with Oz Minerals without Prominent Hill given the Chinese company's ambition to become a major force in the Asia-Pacific region's mining industry. "With the jewel Prominent Hill asset now out of reach, there are probably more attractive alternatives in realizing this goal," the analysts said in a note to clients. The foreign investment board is also considering a proposal for another Chinese state-owned company, Aluminum Corp. of China, or Chinalco, to invest $19.5 billion in Anglo-Australian miner Rio Tinto Group. Swan says he will approve that deal only if it is deemed to be in the national interest. Chinese metals companies are flush with cash from supplying the country's manufacturing boom and are looking for investments abroad that will let them profit from future demand. Finance Minister Lindsay Tanner on Monday rejected the opposition coalition's criticism that the government was becoming too close to Beijing, saying the Minmetals decisions proved that was not so. "If you look back over the recent records you'll see that there have been some Chinese investments ... that have been approved and some that haven't been," Tanner told Australian Broadcasting Corp. radio. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Oil tumbles below $50 for first time in a weekAP - 1 hour 29 minutes ago Japan's factory output down but poised for reboundAP - 2 hours 11 minutes ago China's CIMC swings to year-on-year Q4 lossReuters - 2 hours 29 minutes ago China's Wuhan Iron buys stake in Consolidated ThompsonReuters - Tuesday, March 31 Related Articles: Business RPT-UPDATE 2-China, Argentina sign 70 bln yuan currency swapReuters - 56 minutes ago Obama orders tough medicine for GM, ChryslerReuters - 56 minutes ago WRAPUP 4-Obama orders tough medicine for GM, ChryslerReuters - 59 minutes ago FDA: Bristol-Myers diabetes drug appears safeAP - 1 hour 17 minutes ago Weyerhaeuser CEO gets 2008 pay valued at $4.7MAP - 1 hour 17 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Prince William up for Afghanistan fight: report US toughens conditions for GM, Chrysler aid Hot tea linked with throat cancer Peugeot board sacks boss Streiff 100,000 secular Britons seek 'de-baptism' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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