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To: craig crawford who wrote (576)	7/23/2001 2:24:02 AM
From: craig crawford	Read Replies (1) \| Respond to of 1643

Sunday 22 July 5:01 PM Pasminco expects no discount on mine sales au.dailynews.yahoo.com SYDNEY, July 22 (Reuters) - Pasminco Ltd does not expect to take a discount to book value when it sells its mining assets, chairman Mark Rayner said on Sunday. "We don't really think we'll have to," Rayner told Nine Networks' Business Sunday programme when asked if the company was prepared to take a discount to book value. Pasminco, the world's biggest integrated zinc and lead producer, said on Friday it would quit mining and focus on smelting to rescue the company after a share price meltdown. It plans to sell its prized Century mine in Queensland, go ahead with the planned sales of Broken Hill, Elura and Rosebery mines and sell exploration interests to keep its lenders at bay. Asked if a small discount would be acceptable, Rayner said: "Could be on one asset, where you might make a book profit on another but our interest is the overall outcome of disposing of our mining division." He said talks were well advanced on the previously foreshadowed sale of its Broken Hill assets and a number of parties had expressed interest in the Century mine, although he declined to name them. Asked what would be a realistic time frame for the sales, Rayner said: "We would hope the Century asset is sold in a nine to 12 months time frame. "Hopefully, the lesser period, it may be even quicker, who knows." "We think Broken Hill will be concluded reasonably quickly because it is so far advanced now," he said, adding that the Century sale would take priority to Rosebery and Elura. The surprise overhaul plan cheered investors on Friday, who drove its shares nearly 50 percent higher to close at 21.5 cents, giving the group a market value of A$242 million, a fraction of its A$3 billion value just four years ago. Pasminco's shares had plunged 92 percent to a record low of 13.5 cents since the beginning of 2000 on the back of a sliding zinc price and concerns about its heavy debts and hedge book, which led to warnings that it would end up in the red in 2001.