View in Other Languages Sandfire (ASX:SFR) Builds Strategic Alliance with Korea's LS-Nikko Sandfire (ASX:SFR)与韩国LS日光铜业结成战略联盟 Sandfire (ASX:SFR)與韓國LS日光銅業結成戰略聯盟 
Sandfire (ASX:SFR) Builds Strategic Alliance with Korea's LS-Nikko
Sandfire (ASX:SFR) Builds Strategic Alliance with Korea's LS-Nikko

Sydney, July 23, 2010 AEST (ABN Newswire) - Sandfire Resources Nl (googlechartASX:SFR) said it has concluded an agreement with Korean-based LS-Nikko Copper Inc., the world's third largest copper smelter, encompassing a strategic alliance, sales arrangements for future production and a A$93.9 million share placement.

Under the agreement, LS-Nikko will acquire 12.5 per cent strategic holding in Sandfire through the issue of 18.7 million shares at A$5.02 per share, representing a premium of 10 per cent to the 5-day Volume-Weighted Average Price (VWAP) of Sandfire shares.

The funds will be used to underpin an unprecedented exploration program at the DeGrussa Copper-Gold project in Western Australia.

Sandfire said its relationship with LS-Nikko, together with existing strategic alliance with Korean steel maker POSCO (googlechartSEO:005490), will help the company to secure project finance on highly favourable terms.


Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344

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