TomasSereda
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.