Pasminco Announces Sale Of Coal Assets


Pasminco has reached agreement on the sale of the coal assets it acquired in February this year as a result of its acquisition of Savage Resources.

Glencore will acquire the assets, effective from 1 July for a price of $69 million. The assets include the interests in the Liddell, Glendell and Foybrook joint ventures in the Hunter Valley and the Togara North joint venture in Queensland.

Pasminco will use the proceeds from the sale to further reduce the debt facilities arising from the Savage acquisition.

"This announcement is another step in the consolidation of the business we acquired earlier this year," said Managing Director and Chief Executive of Pasminco Mr David Stewart.

"The US based operations in Clarksville and Gordonsville have been fully integrated and work continues on the sale of the 49% investment in the Ernest Henry Mine," he said.



For further information contact:

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

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

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