By Jesse Riseborough
May 5 (Bloomberg) -- OZ Minerals Ltd., the world’s second- biggest zinc mining company, said Chief Executive Officer Andrew Michelmore will join China Minmetals Group as part of the Chinese company’s purchase of most of its assets.
Melbourne-based OZ Minerals is searching for a managing director to replace Michelmore, the company said today in a statement. Five other members of the board including Chairman Barry Cusack will also resign, it said.
OZ Minerals is seeking to complete the sale of $1.2 billion of assets to China’s biggest metals trader by mid-June following a shareholder vote, it said last week. Michelmore, 56, agreed to sell almost all OZ Minerals’ assets to Minmetals after a rout in commodity prices following the company’s creation last year.
The company will also reduce the number of people employed in its Melbourne headquarters by about 80 percent. Some senior executives and the majority of company management will join Minmetals once the deal is completed, it said.
OZ Minerals, whose biggest asset will be the Prominent Hill copper and gold mine if the sale is approved, fell 0.6 percent to 79 cents at 10:36 a.m. Sydney time.
To contact the reporter on this story: Jesse Riseborough in Melbourne at jriseborough@bloomberg.net
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