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EQUITY INVESTMENTS | |  | |
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Oxiana has acquired equity interests in a number of mining stocks. Oxiana considers that these holdings are likely to generate future value to Oxiana shareholders. The various holdings are as follows:
227.5 m shares in Toro Energy
In August 2007 the Boards of Toro Energy Limited (owned 25% by Oxiana) and Nova Energy Limited (owned 57% by Oxiana) agreed to a recommended merger by way of a scrip take-over offer by Toro for Nova. The offer resulted in Oxiana holding 46% of the merged company. The new company is one of the largest listed Australian uranium exploration and development companies and Oxiana’s interest in the new company strengthens its investment in the uranium sector. For further information on this company, please visit www.toroenergy.com.au.
Under the Scheme of Arrangement between Oxiana and Minotaur Resources in early 2005, Oxiana acquired 5.0m shares in Minotaur Exploration (code: MEP AU) which contains the non Prominent Hill assets of the former Minotaur Resources as well as other exploration projects in Australia. In June 2006 Oxiana acquired a further 2.0m shares in MEP as part of a MEP placement. This took Oxiana's ownership of MEP to just over 10%. For further information on this company, please visit: www.minotaurexploration.com.au.
10m shares in Royalco Resources Ltd
Oxiana sold its wholly owned subsidiary, Oxiana Philippines Inc to Australian Company, Royalco Resources Limited (code: RCO AU). Royalco also holds a number of royalty interests in other gold and base metal assets. Oxiana received 10 million shares in Royalco at the issue price of A$0.50 per share and holds a 17% interest in the company. For further information on this company, please visit: www.royalco.com.au.
5.38m shares and 3.6m options in Ausquest
In June 2007 Oxiana purchased shares and listed options in Australian junior nickel and manganese explorer Ausquest (code: AQD AU and AQDOA AU). This purchase supports Oxiana’s strategy to be involved with and support junior mining companies to help Oxiana meet its growth objectives. For further information on Ausquest please visit www.ausquest.com.au/.
Oxiana acquired 9.8m shares in consideration for Oxiana's 95% interest in EMED Mining Public Limited (formally known as Eastern Mediterranean Minerals Ltd) which was the exploration arm of Oxiana's
12.8m shares in Beadell Resources
In mid 2007 Oxiana sold the majority of the Australian exploration interests (excluding those in the Wiluna area) that were acquired as part of the takeover of Agincourt Resources Limited, into the IPO of Beadell Resources. Beadell is listed on the Australian Stock Exchange (code BDR AU). For further information on this company please visit their website www.beadellresources.com.au.
9.5m shares in Apex Minerals NL
In late 2007 Oxiana sold the Wiluna Gold mine to Apex Minerals NL(code: AXM Au). Wiluna was acquired as part of the acquisition of Agincourt Resources Limited. For more information on Apex please visit www.apexminerals.com.
5.556m shares in Strategic Minerals
Oxiana previously entered into a staged farm-in agreement with Strategic Minerals Corporation (code: SMC AU) covering the Woolgar gold project in central North Queensland. Oxiana exited this project in late 2007 but retains a direct equity interest in Strategic Minerals. For further information visit www.stratmin.com.au.
Metex Resources
Oxiana sold its equity stake in Metex Resources in mid 2007. The holding (1.0m shares) was in consideration for Oxiana’s Mt Crawford interest located in Laverton, Western Australia. Oxiana retains a 1.5% NSR royalty on any commercial production from the Mt Crawford tenements acquired from Oxiana.
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