The country’s leading steelmaker, POSCO, announced Thursday that it had sold off its entire stake in the Australian copper mining firm Sandfire Resources.
POSCO’s 15.2 percent stake in the firm was sold for 130 million Australian dollars ($102.7 million).
POSCO acquired the Sandfire shares in 2008 for about A$290 million as part of its efforts to diversify its raw materials sources.
Although Sandfire has been profitable, POSCO categorized its investment in the firm as a nonessential asset and sold of its stake as part of an ongoing restructuring drive.
With the sale, POSCO currently holds stakes in eight mining projects in Australia.
(monicasuk@heraldcorp.com)
