This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sims Metal Management And Nyrstar Announce The Successful Completion Of The Sale Of Australian Refined Alloys’ Secondary Lead Producing Facility In Sydney

Further to their joint announcement on 15 November 2011, Sims Metal Management Limited (SimsMM) and Nyrstar NV (Nyrstar) today announced that, following receipt of the requisite regulatory approvals from the Australian Competition and Consumer Commission and the Foreign Investment Review Board, they have now successfully completed the sale of Australian Refined Alloys’ secondary lead producing facility in Sydney (ARA Sydney) to companies associated with Renewed Metal Technologies (RMT) for a total sale price of approximately A$80 million.

The sale price is subject to a customary working capital adjustment. Assuming a sale price of A$80 million, SimsMM would achieve a profit on the sale of its 50% share of ARA Sydney of approximately A$32 million.

SimsMM and Nyrstar will retain ARA’s secondary lead producing facility in Melbourne which will continue to be operated as a 50/50 joint venture.

About Australian Refined Alloys (ARA)

ARA is a secondary lead producing 50/50 joint venture between SimsMM and Nyrstar. ARA has two facilities, ARA Sydney which is located in Alexandria and ARA Melbourne which is located in Laverton North. Total lead production in 2010 was approximately 37,900 tonnes (Sydney 20,700 tonnes and Melbourne 17,200 tonnes).

About Renewed Metal Technologies

Renewed Metals Technologies (RMT) is a privately held company that specialises in the recovery of renewable resources. RMT owns and operates a secondary lead producing facility in Wagga Wagga, New South Wales, Australia. For more information, visit www.rmt.au.com

Cautionary Statements Regarding Forward-Looking Information

This release may contain forward-looking statements, including statements about Sims Metal Management’s financial condition, results of operations, earnings outlook and prospects. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project” and other similar words and expressions.

These forward-looking statements involve certain risks and uncertainties. Our ability to predict results or the actual effects of our plans and strategies is subject to inherent uncertainty. Factors that may cause actual results or earnings to differ materially from these forward-looking statements include those discussed and identified in filings we make with the Australian Securities Exchange and the United States Securities and Exchange Commission (“SEC”), including the risk factors described in the Company’s Annual Report on Form 20-F, which we filed with the SEC on 14 October 2011.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs