Australian miner OZ Minerals (OTCPK:OZMLF) on Friday it accredited a A$1.7B (~US$1.1B) funding to develop its West Musgrave copper-nickel venture in Western Australia.
The miner, which is the goal of a takeover try by BHP (NYSE:BHP), stated all key regulatory approvals for the venture are actually in place, and its lenders have supplied a brand new A$1.2B syndicated facility to assist develop the venture.
West Musgrave is anticipated to supply ~35K metric tons/yr of nickel and 41K tons/yr of copper for the primary 5 years, in keeping with the ultimate feasibility research.
OZ Minerals (OTCPK:OZMLF) is focusing on first manufacturing from the venture in H2 2025.
The West Musgrave approval comes as OZ Minerals (OTCPK:OZMLF) reportedly is looking for A$10B in a possible sale to BHP, after the miner beforehand rejected a smaller takeover provide.