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.

Breaking news: ASX companies set to raise dividends!

It's been a nail-biter of a reporting season here in the first half of 2018.

But the real action, in my opinion, is what companies are doing with dividends.

What does this mean for you? Well there is one stock I've found that could very well turn out to be THE best buy of 2018. And while there's no such thing as a 'sure thing' when it comes to investing - this ripper might come as close as I've ever seen.

Click here it's FREE!

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.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…


The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!