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CST Group (00985) expects $83M gain from disposal
14 Mar 2019
(Infocast News) CST Group (00985) has agreed to sell the entire issued share capital of CST Minerals Australia and A$262.548 million (HK$1.45 billion) loan owing by CST Minerals Australia.

CST Group intends to apply the net proceeds of A$23 million (HK$127.38 million) from the disposal as general working capital. CST Group expects to record a gain of not less than A$15 million (HK$83.07 million) from the disposal, which is calculated with reference to the unaudited financial statements of the group as at 28 February 2019.

The CST Minerals Australia group owns the Lady Annie operations, located in the Mount Isa district of north-western Queensland, Australia, which is principally comprised of the Lady Annie mining area, the Mount Kelly mining area and the Mount Kelly processing plant and tenements. The Mount Isa Inlier hosts several known copper-oxide and sulphide resources, and several notable copper and leadzinc silver mines.

Since copper reserves in the Lady Annie site are mostly depleted, CST Group has downscaled its operations and sought to identify other high-quality investment opportunities across the globe to complement its mining business. It is the belief of the board of the company that expanding and diversifying the group's mining portfolio is the right path for the group's long-term sustainability. The disposal will enable the group to realise cash thereby improving liquidity and working capital condition of the group.

(WL)
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