Australia's Oxiana Ltd and Zinifex Ltd announced Monday that they have agreed to merge, creating the world's second-largest producer of zinc and a substantial producer of copper, lead, gold and silver.
Oxiana agreed to buy Zinifex for 6.2 billion Aus dollars ( some 5.8 billion U.S. dollars), and offered 3.1931 of its shares for each Zinifex stock, the two Melbourne-based companies said in a statement.
Oxiana said the terms reflect a "merger of equals," with shareholders of both miners taking a 50 percent stake each in the merged entity.
Buying Zinifex will more than double Oxiana's sales and give the copper and gold mining company zinc, lead and silver projects in Australia and Canada.
The merged company, which will have five competitive mining operations in Australia and Asia and three new mining projects in development, will be renamed and will remain headquartered in Melbourne, Oxiana said.
Source:Xinhua/Agencies
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