Exco Shareholders OK Sale Of Cloncurry Copper Project To Xstrata
09 Junho 2011 - 4:23AM
Dow Jones News
Exco Resources Ltd. (EXS.AU) on Thursday approved the A$175
million sale of its Cloncurry copper project in northern Queensland
to Xstrata PLC (XTA.LN).
At an Exco general meeting, 71% of the company voted in favor of
the deal, said Managing Director Michael Anderson. A simple
majority of more than 50% of votes cast was needed to clear the
sale.
Xstrata has received confirmation from Australia's Foreign
Investment Review Board that it has no objections to the Cloncurry
sale, Exco said in a statement.
Settlement is scheduled on or before July 31, clearing the way
for Xstrata to expand production at its Ernest Henry mine from the
second half of next year by accessing the Cloncurry deposits.
Cloncurry, with resources of 401,000 metric tons of copper and
384,000 ounces of gold, will make an "incremental" contribution to
Ernest Henry's production as the operation transitions from open
cut to underground mining operations, Xstrata said.
Unveiled in April, the sale was initially clouded by Exco's
largest shareholder, Ivanhoe Australia Ltd. (IVA.AU), withholding
its backing over concerns that not enough cash would be returned to
shareholders.
But earlier this month Exco revealed it would increase the cash
return to A$135 million, a move supported by Ivanhoe.
-By Stephen Bell, contributing to Dow Jones Newswires;
61-8-9244-4243; sgbell@bigpond.com
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