"Given the asset review process that OZ Minerals is currently undertaking, it was clear that the investment is no longer core to our operations,'' OZ Minerals chief executive Andrew Michelmore said in a statement on Friday.
The zinc, copper and gold miner, which was formed from the merger of Oxiana and Zinifex, held 7.8 per cent of smelting business Nyrstar.
Nyrstar, which is now the world's largest producer of zinc metal, was split out of Zinifex in 2007 and merged with the smelting business of Belgium group Umicore.
Nyrstar is listed on the Euronext stock exchange in Brussels.
"We continue to have an excellent working relationship with Nyrstar, who are a major and valued customer with life of mine contracts with our Century and Rosebery operations,'' Mr Michelmore said.
OZ Minerals said in its statement that proceeds from the sale would total about $33 million "resulting in a small loss on the carrying value of the stake.''
OZ Minerals needs to refinance some $560 million of debt by February 27 and is cutting costings and selling assets to raise cash.
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