Strike at Elura
2 April 2003

MEDIA RELEASE
STRIKE AT ELURA MINE

Pasminco advised today that a strike by employees at the Elura mine had entered its eighth day. Production at the mine ceased on Saturday 29 March.

Commenting on the strike, Chief Executive Officer Greig Gailey said, "We`re disappointed that the strike by employees at Elura has now entered its eighth day.

"The sale process for the Elura mine is at an advanced stage, and although we are optimistic of concluding a sale, we have yet to reach final agreement."

"At each stage of the sale process we have kept all Elura employees informed of progress, but as with any commercial negotiation it is impossible to put a timeframe on conclusion."

"We have indicated throughout the sale process that should a sale occur, it was most likely that all employees would be retrenched. In this eventuality they would receive the entitlements set out in the Consent Agreement in full. We reiterated this point on Monday by letter to all employees, together with responses to the other questions raised by employees."

"If a sale is concluded, the future of the mine is a matter for the new owner," he said.

Mr Gailey added, "The strike action is disappointing and does not conform with the dispute handling procedures contained in the Consent Award."

The company announced its intention to sell the Elura mine in 2002 because it did not fit with the vision of the new Pasminco, which is a set of world-class zinc/lead mining and smelting assets. Pasminco plans to re-list on the Australian Stock Exchange via a public float when market conditions are appropriate.

For further information contact:

Trevor Shard
General Manager – Investor and Community Relations
+61 (3) 9288 9186 or 0419 584 515

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