OZ Minerals Limited
(ASX:OZL) has inked a deal to buy IMX Resources Limited
(ASX:IXR) 49 per cent interest in their joint venture Mt Woods Copper-Gold Project in South Australia.
Subject to approvals OZ Minerals will pay IMX $5 million cash and Oz Minerals shares in IMX will be cancelled and replacement shares placed to new investors.
OZ Minerals had earlier agreed to spend $20 million over five years to earn a 51 per cent interest in Mt Woods and has already injected $14 million into the project which is north of its flagship Prominent Hill project.
IMX is set to gain about $8.7 million under the non-binding Heads of Agreement which it plans to deploy to exploring at its Ntaka Hill Nickel Sulphide Project in Tanzania.
IMX Managing Director Neil Meadows says the deal allows both parties to walk away winners.
OZ Minerals recorded a full year net profit of $119.5 million in the 2012 financial year.
