Pasminco Completes Asset Sales

Pasminco has concluded the sale of the coal business announced in July this year and the transfer of interests in the port, pipeline and transfer vessel infrastructure assets currently being completed for the Century project.

Funds generated by these activities have been applied to reduce debt facilities.

The coal business in the Hunter Valley in NSW was a part of the assets acquired by Pasminco when it purchased Savage Resources Limited in February this year. The coal assets were subsequently purchased by interests associated with Glencore International for AUD$69 million effective 1 July 1999.

The sale and lease back of infrastructure assets associated with the Century project, which was effective 30 June 1999, has also been settled. The final cost of the infrastructure assets is expected to be around AUD$240 million.

The completion of these transactions are important steps in Pasminco’s ongoing capital management program.

For further information contact:

Trevor Shard
Group Manager Investor Relations
03 9288 9186 or 0419 584 515

Peter Griffin
Group Manager Public Affairs
03 9288 0463 or 0419 314 265

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