OZ Minerals Ltd. will consider selling a majority stake in its planned A$3 billion ($2.7 billion) development of Australia’s largest unmined copper deposit after receiving approaches from potential partners.
Alacer Gold Corp., the third-biggest gold company traded in Australia, replaced David Quinlivan as chief executive officer and said it will mothball its mines there within 18 months if they aren’t sold.
Newcrest Mining Ltd., the worst performer of Australia’s 20 largest companies this year, fell to its lowest since 2005 after Credit Suisse Group AG cut its rating amid concern it will lower output and halt expansions.
OZ Minerals Ltd., Australia’s third- biggest copper producer by market value, reported a 9 percent decline in second-quarter production in line with analysts’ estimates and retained its full-year target.
Fortescue Metals Group Ltd., Australia’s third-biggest iron ore producer, said full-year profit rose 53 percent to a record, meeting expectations, after an increase in output countered declining prices.
Global gold mining takeovers set a record this year with “chest-beating” miners chasing deals as the price of the metal surged, boosting fees at advisory banks BMO Capital Markets, HSBC Bank Plc and Merrill Lynch.