Minmetals to buy OZ Minerals

Metal trader China Minmetals Corp is planning to buy Australian mining firm OZ Minerals Ltd for A$2.6 billion ($1.7 billion) in cash to ensure adequate supplies of non-ferrous metals.

The deal, scheduled for completion in June, is, however, subject to approval by Oz Minerals' shareholders and respective governments.

Minmetals is offering 82.5 cents for each share of OZ Minerals, a 50 percent premium over its last traded price on Nov 27, the Australian miner yesterday said in a statement.