Lady Annie contamination clean-up

CopperCo sale will finance rehabilitation.

CopperCo receivers from professional services firm Deloitte have announced they have settled the transaction for the sale of the CopperCo assets to Cape Lambert Iron Ore, which will fund the clean-up of the contaminated Saga and Inca Creeks.

The sale of assets includes the Lady Annie mine located near Mt Isa in Queensland.

Cape Lambert was announced as the preferred bidder for the assets last month.

Mining was suspended at Lady Annie in March 2009 as a result of severe flooding in the area.

Receiver Gary Doran said the successful completion of the sale contract today provided the optimum outcome for stakeholders.

“We believe this is the best outcome for stakeholders including creditors, employees and the local community involved in the Lady Annie project,” Doran said.

“The sale of the Lady Annie mine is important for the local community because of the prospects for future employment.

“The successful sale will also mean the clean-up plan, as agreed with the Department of Environment and Resource Management (DERM) for the environmental impacts which followed the severe flooding in the region early this year will be funded from the sale proceeds.

“The Receivers and Managers will continue to work with DERM to clean-up the contamination of the Saga and Inca Creeks.”

The sale agreement with Cape Lambert is for all of the assets in the CopperCo portfolio.

This includes investments in several listed companies including Platmin Limited, Corvette Resources Limited, Buka Gold Limited and Tianshan Goldfields Limited.

It also includes an interest in the Lady Loretta joint venture project adjacent to the Lady Annie mine, and 100% of the Sappes Gold Project in Greece.

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