Monday, 15th August 2005 (2876 views)

It is rumoured that the Swiss firm Xstrata is preparing to bid for Australia's number two gold miner Oxiana.

Industry insiders say that Xstrata is looking to expand after it missed out on securing the metals group WMC Resources but Oxiana confirmed that it had as yet received no bid.

"We haven't had any approaches and in terms of expectations - given that we have a strong market at the moment and given the strong increase in our resource base - people have to be looking," said Oxiana's managing director, Owen Hegarty.

Oxiana has a gold project in Laos as well as its Prominent Hill holding in South Australia.

Australia is the third biggest gold producing region in the world.


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