Copper and gold miner OZ Minerals Limited (ASX:OZL) has announced plans to sell off its Cambodian gold assets.
The company will sell the assets to Renaissance Minerals Limited (ASX:RNS) for $17.8 million in cash, shares and options in Renaissance.
In addition, Renaissance will receive possible future payments of a further $22.5 million when they reach certain milestones.
The company says it decided to sell the assets after a review that concluded the project does not fit with its strategy.
Shares in OZ Minerals closed 1.45 per cent lower yesterday at $10.91.
