<ET Net News Agency, 18 July 2011> CST Mining (00985) said it entered into an agreement
with Glencore International AG (00805) and CST Mining has agreed to dispose of the entire
issued share capital of its indirect wholly-owned subsidiary CST Resources to Glencore for
US$475 million.
It is expected the disposal will take place no later than 15 October 2011.
CST Resources indirectly owns 70% of the interest in Marcobre. Marcobre is the sole
owner of the Mina Justa project in Nazca Province of Peru consists of two deposits, the
principal exploration and development prospect within the copper property, with estimated
resources of 413.3 million tonnes of ore grading 0.79% copper.
The net proceeds from the proposed disposal are estimated to be about US$470 million.
CST Mining intends to use the net proceeds as general working capital and for future
investment opportunities of the Group. The Directors expect CST Mining will record a
before tax gain of about US$234 million on the proposed disposal.
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