MENU

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.

5 ASX Stocks for Building Wealth After 50

I just read that Warren Buffett, the world’s best investor, made over 99% of his massive fortune after his 50th birthday.

It just goes to show you… it’s never too late to start securing your financial future.

And Motley Fool Chief Investment Advisor Scott Phillips just released a brand-new report that reveals five of our favourite ASX stocks for building wealth after 50.

– Each company boasts strong growth prospects over the next 3 to 5 years…

– Most importantly each pays a generous dividend, fully franked.

Simply click here to find out how you can claim your FREE copy of “5 ASX Stocks for Building Wealth After 50.”

See the stocks now