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Why OZ Minerals Limited (ASX:OZL) just snapped up Avanco Resources Limited (ASX:AVB)

Copper-focused miner OZ Minerals Limited (ASX: OZL) will compulsorily acquire the remaining 9.54% of shares in Avanco Resources Limited (ASX: AVB) after acceptances for its Avanco offer exceeded 90%.

The Avanco uptake is part of OZ Minerals’ strategy to grow its pipeline of operations, with an integration team in Brazil working to “optimise the assets and unlock the potential of the project pipeline”.

OZ Minerals today presented at the Macquarie Melbourne Mining Forum, detailing its “lean business”, with $646 million cash assets as at March 31 and an extensive mine life at both its Prominent Hill project and Carrapateena Province site.

OZ Minerals is working to diversify its portfolio, with a continued focus on the Carajas and Gurupi in Brazil.

Several commodity peers started today on the gains list, with Beach Energy Ltd (ASX: BPT) shares up 1.8% to $1.73 at the time of writing, BHP Billiton Limited (ASX: BHP) is up 1.2% to $33.65 and Rio Tinto Limited (ASX: RIO) is up 0.7% to $82.66.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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