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BHP (NYSE:BHP) said Thursday that OZ Minerals (OTCPK:OZMLF) shareholders have approved the company’s A$9.6B (US$6.43B) takeover offer for the Australian copper and gold producer.
Nearly 79% of proxy votes on behalf of OZ Minerals’ (OTCPK:OZMLF) investors approved the takeover offer that consists of A$26.50 cash from BHP (BHP) and a A$1.75 special dividend paid to OZ Minerals investors.
The transaction is still subject to approval by the Federal Court of Australia, and OZ Minerals (OTCPK:OZMLF) is expected to apply for court orders approving the scheme on April 17.
OZ Minerals (OTCPK:OZMLF) operates the West Musgrave project in Western Australia, which includes nickel-copper deposits, while BHP (BHP) owns the Nickel West mine-to-market business in the state.
West Musgrave is expected to produce 35K metric tons/year of nickel and 41K metric tons/year of copper in the first five years of production; OZ (OTCPK:OZMLF) said in September it plans to spend A$1.7B (~$US1.1B) to develop the project.