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OZ Minerals OKs $1.1B Western Australia copper-nickel project

OZ Minerals OKs $1.1B Western Australia copper-nickel project

Australian miner OZ Minerals ( OTCPK:OZMLF ) on Friday it approved a A$1.7B (~US$1.1B) investment to develop its West Musgrave copper-nickel project in Western Australia.

The miner, which is the target of a takeover attempt by BHP ( NYSE: BHP ), said all key regulatory approvals for the project are now in place, and its lenders have provided a new A$1.2B syndicated facility to help develop the project.

West Musgrave is expected to produce ~35K metric tons/year of nickel and 41K tons/year of copper for the first five years, according to the final feasibility study.

OZ Minerals ( OTCPK:OZMLF ) is targeting first production from the project in H2 2025.

The West Musgrave approval comes as OZ Minerals ( OTCPK:OZMLF ) reportedly is seeking A$10B in a potential sale to BHP , after the miner previously rejected a smaller takeover offer .

For further details see:

OZ Minerals OKs $1.1B Western Australia copper-nickel project

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