Minmetals Non-ferrous Metals Company has submitted a proposal to acquire the Century and Rosebery zinc mines, in Queensland and Tasmania respectively, the Avebury nickel mine in Tasmania, which is on care and maintenance, and the Sepon copper and gold operation in Laos.
The deal also includes a suite of exploration and near-development assets in Canada and Australia, including the Dugald River project in Queensland.
"While this is a structurally different proposal to the previous cash proposal from Minmetals of 82.5 cents per share, we believe it represents an attractive offer for OZ Minerals and our shareholders," OZ Minerals chairman Barry Cusack said.
Treasurer Wayne Swan on Friday forced the parties back to the drawing board after threatening to block a full takeover of OZ Minerals if the Prominent Hill mine in South Australia was included in the transaction - citing national security concerns.
The $1.15 billion copper and gold mine is in the Woomera Prohibited Area weapons testing range.
OZ Minerals chief executive Andrew Michelmore said the structure of the new deal would allow the company to retain full ownership of Prominent Hill.
"Shareholders will now be able to retain full exposure to the long-term growth profile of Prominent Hill," Mr Michelmore said.
OZ Minerals will also retain the Martabe gold project in Indonesia, which was originally slated for sale, its listed equity interests, and a suite of exploration interests in Cambodia and Thailand.
The miner said it expects to have about $600 million in cash upon the completion of the transaction if it retires all of its debt, except for the convertible bonds on issue.
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