Shark Bay salt stake selldown

WHILE its contract battle with the BassGas joint venturers continues, Clough Limited has sold its 50 per cent interest in Shark Bay Resources Pty Ltd to Mitsui Salt Pty Ltd for more than $20 million.

Shark Bay Resources was owned 50-50 by Clough and AMP Life Limited but AMP entered into an agreement to also sell its stake to Mitsui.

Clough managing director David Singleton said the deal was part of the listed engineer’s move to streamline its operations, something he foreshadowed when he replaced Brian Hewitt at the helm of the company last year.

“Over the past 12 months Clough has been reviewing and rationalising its portfolio of non-core assets and this is another step in that process,” he said in an announcement.

Mr Singleton said the cash would be used for working capital to fund the day-to-day operations of the business.