Prosperity Minerals completes sale of TCC Liaoning Cement, China

Prosperity Minerals has completed the sale of its 16.11 per cent stake in China-based TCC Liaoning Cement to TCC International Holdings.

All the necessary approvals were obtained and the disposal was completed on 22 August 2013, Prosperity said.

As per the agreement, around US$18.7m, or 80 per cent of the total consideration, has been paid to Prosperity and around US$3.5m will be paid to the company within five working days following completion.

The balance will be retained by TCC International as provision for PRC capital gains tax for one year after completion.