Company News Summary | 11 Oct 2021

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Downer EDI Announces Sale of Open Cut Mining East

09:08:00 | Associate analysts

Original annuncemenet:Sale of Open Cut Mining East

Downer EDI entered into an agreement to sell its Open Cut Mining East business to an Australian subsidiary of PT Bukit Makmur Mandiri Utama (BUMA), a large Mining services provider in Indonesia. The transaction includes the transfer of the assets, liabilities (including employee entitlements), employees and contracts comprising the Open Cut Mining East business to BUMA. The Company will receive $150m in cash proceeds from the transaction, subject to completion adjustments. BUMA has paid Company a deposit of $16m with the remainder of the purchase price payable at completion.

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