REG - BHP Group Limited - Completion of OZ Minerals Acquisition

BHPAnnouncement

02/05/2023 07:00

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RNS Number : 9911X  BHP Group Limited  02 May 2023

 Release Time    IMMEDIATE
 Date            2 May 2023
 Release Number  09/23
 To              London Stock Exchange

 

COMPLETION OF OZ MINERALS ACQUISITION

BHP announces the completion of the OZ Minerals acquisition and implementation
of the scheme of arrangement for BHP Lonsdale Investments Pty Limited, a
wholly owned subsidiary of BHP Group Limited, to acquire 100% of the shares in
OZ Minerals Limited (OZL) (the Scheme). BHP Group Limited is now the ultimate
parent company of OZL.

BHP CEO Mike Henry said:

"This acquisition strengthens BHP's portfolio in copper and nickel and is in
line with our strategy to meet increasing demand for the critical minerals
needed for electric vehicles, wind turbines and solar panels to support the
energy transition. Combining our two organisations will provide options for
growth, bring new talent and innovation to unlock these resources in a
sustainable way, and deliver value to shareholders and communities."

In bringing together the BHP and OZ Minerals businesses, BHP will focus on
safe and reliable operation of the Olympic Dam, Prominent Hill and
Carrapateena assets, building a shared culture of innovation and performance,
and progressing sustainable growth options to establish a copper province in
South Australia.

BHP Chief Operating Officer Edgar Basto said:

"We welcome the OZ Minerals team to BHP as new colleagues with shared values
of safety, respect, innovation and performance. Bringing together our quality
resources, talented teams and innovative thinking will help us create
opportunities for local employment, small businesses, regional communities,
Traditional Owners and the South Australian economy.

"South Australia has the potential to be a major supplier of copper to meet
the world's increasing demand for copper and we look forward to unlocking the
potential of our people and their combined talent. This will require new
thinking and new technology and we are excited to begin work on the
opportunities ahead."

OZL shareholders today received total cash consideration of A$28.25 per OZL
share, comprising:

  the scheme consideration paid by BHP of A$26.50 for each OZL share held at
the scheme record date, which is 7:00pm on 24 April 2023; and

  a fully franked special dividend paid by OZL of A$1.75 for each OZL share
held on the special dividend record date, which is 7:00pm on 21 April 2023.

The cash payment by BHP has been funded using a combination of BHP's existing
cash reserves and the proceeds of a debt facility.

OZL has today applied to be removed from the official list of the ASX. Removal
is expected to occur no later than 3 May 2023.

Authorised for lodgement by:

Stefanie Wilkinson

Group Company Secretary

 

 

 Media Relations                                       Investor Relations

 Email: media.relations@bhp.com                        Email: investor.relations@bhp.com

 Australia and Asia                                    Australia and Asia

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 Tel: +61 3 9609 3830                                  Mobile: +61 499 006 018

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 Europe, Middle East and Africa

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 Neil Burrows

                                                     James Bell
 Tel: +44 20 7802 7484

Mobile: +44 7786 661 683                             Tel: +44 2078 027 144

Mobile: +44 7961 636 432

 Americas

                                                     Americas

 Renata Fernandaz

                                                     Monica Nettleton
 Mobile: +56 9 8229 5357

                                                     Mobile: +1 (416) 518-6293

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Disclaimer and important notice

 

Forward-looking statements

This announcement may contain forward-looking statements, including statements
regarding the Scheme and related transactions, such as the expected timing and
benefits. Words such as 'anticipate', 'believe', 'aim', 'estimate', 'expect',
'intend', 'may', 'target', 'plan', 'forecast', 'project', 'schedule', 'will',
'should', 'seek' and other similar words or expressions identify
forward-looking statements. Forward-looking statements are based on
assumptions and contingencies that are subject to change without notice and
involve known and unknown risks, uncertainties and other factors, including
those associated with the industries in which BHP and OZL operate.  Many of
these risks are beyond the control of BHP and its related bodies corporate and
affiliates, and each of their respective directors, officers, employees,
partners, consultants, contractors, agents, advisers and representatives. It
is believed that the expectations reflected in forward-looking statements are
reasonable, but they may be affected by a range of variables which could cause
results, performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed or implied
by those forward-looking statements or any projections or assumptions on which
those statements are based.

 

Factors that could cause actual results or performance to differ materially
from those expressed or implied in the forward-looking statements include, but
are not limited to: price fluctuations, actual demand, currency fluctuations,
geotechnical factors, drilling and production results, development progress,
operating results, engineering estimates, reserve estimates, loss of market,
industry competition, environmental risks, physical risks, legislative, fiscal
and regulatory developments, economic and financial markets, conditions in
various countries, approvals and cost estimates. Except as required by
applicable regulations or law, BHP assumes no obligation, and does not
undertake, to update any forward-looking statements or information regularly
in part or whole.

 

Investors are strongly cautioned not to place undue reliance on
forward-looking statements, particularly in light of the current economic
climate. Forward-looking statements are provided as a general guide only and
should not be relied on as an indication or guarantee of future performance.
These statements may assume the success of the Scheme, OZL's operations or
BHP's business strategies, the success of which may not be realised within the
period for which the forward-looking statements may have been prepared, or at
all. No guarantee, representation or warranty, express or implied, is made as
to the accuracy, likelihood of achievement or reasonableness of any forecasts,
prospects, returns, statements or tax treatment in relation to future matters
contained in this announcement. To the maximum extent permitted by law, none
of BHP, its directors, employees, agents or advisers, nor any other person
accepts any liability for any loss arising from the use of this announcement
or its contents or otherwise arising in connection with it.

 

Limitation of information in relation to OZL

All information in this announcement in relation to OZL has been sourced from
publicly available information in respect of OZL. BHP has conducted due
diligence in relation to the Scheme, but has not independently verified such
information and, to the maximum extent permitted by law, makes no
representation or warranty, expressed or implied, as to the fairness,
accuracy, correctness, completeness or adequacy of any information relating to
OZL. Receipt of additional or updated information may change any
forward-looking statements concerning OZL in this announcement. OZL may have a
different interpretation of the underlying data and release other information
to the market.

 

 

 

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