Domestic ownership of Australia's downstream processing sector may soon be downgraded a little more as two of its key smelting assets are set up to be spun off in a float that will primarily be aimed at European investors. During mid-December, Zinifex Ltd announced it was looking to combine its smelting and alloying operations with those of Belgium-based Umicore Precious Metals Refining in a deal that would include its value adding operations in Tasmania (Hobart) and South Australia (Port Pirie). Under the terms of the arrangement, which has received neither shareholder nor European Union approval, a yet-to-be-named entity would be listed on Belgium's Euronext NV and based in London, with regional headquarters operating out of Melbourne and the Belgian city of Balen.
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