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CST Mining agrees to sell copper asset in Peru

Apr. 26, 2012 (China Knowledge) - CST Mining Group Ltd<0985>, formerly known as China Sci-Tech Holdings Ltd, said it has agreed to sell a 70% stake in the Mina Justa copper project in Peru for US$505 million.

In a statement, Hong Kong-listed CST Mining said the target asset will be sold to Cumbres Andinas S.A., the world’s fourth largest or the largest tin producer in Peru. No more details about the sale have been disclosed.

LS-Nikko Copper and Korea Resources Corporation owns the remaining 30% stake in the Mina Justa copper project, said a person familiar with the matter.

The project, which will cost US$750 million, is expected to produce 60,000 tons of copper per year commencing 2013, according to the Ministry of Energy and Mines.

CST Mining previously planned to sell the target asset to Glencore International PLC at a consideration of US$475 million, but the buyer terminated the deal last November as conditions of the deal were not met.

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