BHP has announced the completion of its acquisition of OZ Minerals, implementing the scheme of arrangement for BHP Lonsdale Investments, a wholly owned subsidiary of BHP Group Limited, to acquire 100 per cent of the shares in OZ Minerals.
BHP Group Limited is now the ultimate parent company of OZL. In bringing together the BHP and OZ Minerals businesses, BHP will focus on safe and reliable operation of the Olympic Dam, Prominent Hill and Carrapateena assets, building a shared culture of innovation and performance, and progressing sustainable growth options to establish a copper province in South Australia.
BHP CEO, Mike Henry, said, “This acquisition strengthens BHP’s portfolio in copper and nickel and is in line with our strategy to meet increasing demand for the critical minerals needed for electric vehicles, wind turbines and solar panels to support the energy transition.
“Combining our two organisations will provide options for growth, bring new talent and innovation to unlock these resources in a sustainable way, and deliver value to shareholders and communities.”
BHP Chief Operating Officer, Edgar Basto, said, “We welcome the OZ Minerals team to BHP as new colleagues with shared values of safety, respect, innovation and performance. Bringing together our quality resources, talented teams and innovative thinking will help us create opportunities for local employment, small businesses, regional communities, Traditional Owners and the South Australian economy.
“South Australia has the potential to be a major supplier of copper to meet the world’s increasing demand for copper and we look forward to unlocking the potential of our people and their combined talent. This will require new thinking and new technology and we are excited to begin work on the opportunities ahead.”
OZ Minerals shareholders received total cash consideration of AU$28.25 per share on 2 May 2023, comprising:
- The scheme consideration paid by BHP of AU$26.50 for each Oz Minerals share held at the scheme record date, which is 7:00pm on 24 April 2023
- A fully franked special dividend paid by Oz Minerals of AU$1.75 for each share held on the special dividend record date, which is 7:00pm on 21 April 2023
The cash payment by BHP has been funded using a combination of BHP’s existing cash reserves and the proceeds of a debt facility.
OZ Minerals has applied to be removed from the official list of the ASX, with removalexpected to occur no later than 3 May 2023.
