Posco sells Sandfire stake
PERTH (miningweekly.com) – Korean major Posco’s Australian subsidiary has sold its 15.2% stake in copper/gold miner Sandfire Resources through an institutional block trade.
Sandfire told shareholders on Thursday that the trade was completed at an average price of A$5.43 a share.
Posco acquired a cornerstone stake in Sandfire in 2008 as part of an alliance between the two companies, which included certain product offtake rights and board representation.
Sandfire noted that with the sale of its stake, Posco’s commercial rights would lapse, with the company’s representative to the Sandfire board tendering his resignation.
In March this year, fellow-listed Oz Minerals also divested of its 19.1% shareholding in Sandfire, in a deal valued at A$125-million, as part of its whole-of-business strategic review, which also resulted in the restructuring and relocation of its corporate offices, initiatives to enhance the Carrapateena resource, in South Australia, and the suspension of the Carrapateena sales process.
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