OZ Minerals (ASX:OZL) to unload Jericho to Minotaur (ASX:MEP)

Company News

by Melissa Darmawan

OZ Minerals (ASX:OZL) will sell its 80 per cent interest in Jericho and 70 per cent interest in Eloise to Dematallica, a subsidiary of Minotaur Exploration (ASX:MEP) for $6.6 million.

The sale also includes a deferred contingent consideration of up to $12.3 million (US$8.82 million), calculated at the rate of $0.056 (US$0.04) per pound of payable copper above 200 kilo tonnes contained copper and a further $2.75 million upon completion of a pre-feasibility study.

Shares in OZ Minerals (ASX:OZL) is trading 0.7 per cent higher at $27.09, while shares in Minotaur Exploration (ASX:MEP) is surging 3.0 per cent higher at 17.5 cents.

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