Sale of precious metals assets to Dragon completed

The sale of Outokumpu's precious metals assets to Dragon Mining NL of Australia has been completed. The sale comprised Outokumpu's fully owned precious metals mining assets, including the Orivesi gold mine and the Vammala concentrator, as well as certain exploration assets, mainly in Finland. The total consideration at completion was some EUR 12 million, comprising EUR 5.5 million in cash, 30 million Dragon shares valued EUR 4.7 million and the balance will be paid in Dragon Mining shares or cash as applicable. Outokumpu will book a gain of some EUR 9 million in the fourth quarter 2003 accounts.


OUTOKUMPU OYJ
Corporate Management

Eero Mustala
Senior Vice President - Corporate Communications
tel.+358 9 421 2435, fax +358 9 421 2429
e-mail: eero.mustala@outokumpu.com
home page: http://www.outokumpu.com