ASX STATEMENT - Pasminco Announces No Sale Of Century

Pasminco today announced that the Century mine sale process had come to a conclusion. Although there was considerable interest in the mine, the offers received from prospective buyers did not reflect the retention value of the asset.

Accordingly, it has been decided that the mine will not be sold.

“The Century mine is a world class asset generating a positive cash flow even at today’s depressed metal prices and there is no benefit to either Pasminco or its creditors to sell the mine at a heavily discounted value,” said Greig Gailey, Pasminco Chief Executive Officer.

Pasminco is now expected to continue to trade in a restructured form. The company is continuing to work with Ferrier Hodgson and its creditors to agree the form of a restructure, which will enable the company to move out of Administration. Administrators Ferrier Hodgson are due to present their recommendation to creditors no later than 8 April.

Pasminco also announced today that a formal sales process had been instituted in relation to its Elura mine and Cockle Creek smelter both in New South Wales. UBS Warburg has been appointed to advise in relation to this process.

These assets join the United States operations and Broken Hill mine in being formally offered for sale.

For further information contact:


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

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