Oz Minerals to maintain 13% stake in IMX

Oz Minerals to maintain 13% stake in IMX

Mining company OZ Minerals (ASX:OZL) has announced it will pay $3.76 million to exercise its right to maintain its 13% shareholding in IMX Resources (ASX:IXR).

A subsidiary of the Sichuan Taifeng Trading Group will invest $29 million in IMX, potentially diluting OZ Minerals’ share.

But under an arrangement between the companies, OZ Minerals has the one-off right to maintain its shareholding interest in IMX until November 2010.

OZL shares have declined 2.1% today to $1.16, while IXR shares are 1% higher at $0.47.

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