See today?s announcement on the sale of the Cloncurry Copper Project to Xstrata (attached). As you will appreciate this is the product of a particularly protracted period of negotiation and evaluation. From our perspective we see this is as a fantastic outcome for the Company and our shareholders, and importantly it shapes to be a transformational transaction for Exco.
The proceeds from the sale of the CCP will create plenty of opportunity to finally do justice to our remaining assets, and open the door to look at many more!
We have flagged the Board?s intention to distribute up to A$100M of surplus funds, and we expect to be in a position to pay a fully franked dividend to our patient shareholders.
We intend conducting a series of briefings once the Notice of Meeting has been released and I look forward to the opportunity to explain the benefits of the transaction, and the exciting prospects for Exco?s future.
In the meantime, please do not hesitate to contact me should you have any queries, or if you require any additional information.
Kind regards
Michael Anderson | Managing Director | Exco Resources Ltd
Level 2 | 8 Colin Street | West Perth WA 6005 Australia Tel +61 8 9211 2000 | Fax +61 8 9211 2001 | Mob +61 (0)412 496 797
