Board Changes
Creditors Meeting Extension

Pasminco Limited today announced the retirement of Mr David Macfarlane and Mr Ross Herron from the Board of Directors.

Mr Macfarlane announced in July 2001 his intention to retire at the conclusion of the Company’s Annual General Meeting, at that time scheduled for 31 October. As Mr Herron had accepted an invitation to join the Board as a non-executive director on 4 June 2001, his appointment required shareholder confirmation at the Annual General Meeting.

As the Company is now under Voluntary Administration the Annual General Meeting will not be held on 31 October and, subject to an application before ASIC, may be deferred for several months. In these circumstances, Mr Macfarlane and Mr Herron believe it is appropriate that they step down from the Board immediately.

The Company has also advised that the Administrators, John Spark and Peter McCluskey of Ferrier Hodgson, were successful in their application to the courts for an extension of time to develop a forward plan for Pasminco for presentation to the creditors.

Normally, Administrators are required to report back to creditors within 28 days of their appointment. However, due to the complex nature of the Pasminco business the Administrators sought, and were granted an extension so that the meeting must now be held no later than 14 January unless a further extension is granted by the courts.

For further information contact:

Trevor Shard
Group Manager Investor Relations
++61 (3) 9288 9186 or 0419 584 515

Peter Griffin
Group Manager Public Affairs
++61 (3) 9288 0463 or 0419 314 265

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