Australia clears Minmetals plan to buy OZ

The Australian government has cleared China Minmetals' $1.21 billion proposal to acquire the mining assets of OZ Minerals Ltd subject to certain conditions.

Australia's Federal Treasurer Wayne Swan approved the deal on Thursday but said Minmetals would have to operate the acquired mines as separate businesses with commercial objectives.

The mines also must remain headquartered in Australia under an Australian management team, including an Australia-based chief executive and chief financial officer.