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Tuesday, 27th January 2009 (1320 views)

BHP Billiton has reportedly switched its attention to the Prominent Hill mine, currently owned by Oz Minerals.

The company has been named by Reuters as a potential bidder for the property in Australia.

Developed as a long-life gold mine, the Prominent Hill mine is scheduled to have its first year of production in 2009.

Other suitors are understood to be interested in the mine, which Oz Minerals may sell in order to refinance debt.

Oz Minerals' chief executive, Andrew Michelmore, has revealed that the firm is in discussions to sell a majority stake in the prospect, which is forecast to produce 85,000 ounces of gold this year.

Melbourne-based Oz was formed in 2008 through the merger of Oxiana and Zinifex and recently secured an AU$140 million (£99 million) bridging loan while it refinances its debt facilities.

The company is a large diversified mining business with mining operations in Australia and Asia and exploration projects in Australia, Asia and the Americas.

 

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