|
ARI
ARIM
ARI - African Rainbow Minerals Limited - Announcement by African Rainbow
Minerals Limited ("ARM")
African Rainbow Minerals Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004580/06)
JSE Share code: ARI
ISIN: ZAE000054045
("ARM" or the "Company")
Announcement by African Rainbow Minerals Limited ("ARM")
Six million tonne expansion at Khumani set to proceed
Start-up capital of R1.2 billion approved
Assmang Limited, which is jointly held by ARM and Assore Limited, is pleased to
announce that approval has been received for the start-up capital programme for
the additional 6 million tonne expansion project at the Khumani Iron Ore Mine in
the Northern Cape Province. This follows the successful completion of the
Khumani mine expansion pre-feasibility study that shows significant value, given
conservative iron ore pricing assumptions.
A feasibility study on the project is expected to be completed in the second
quarter of the 2009 calendar year and, pending a positive outcome, final
approvals will be sought from the respective boards for the official
commencement of the expansion. Should the expansion proceed, this will mean that
Khumani mine will increase its capacity from the current level of 10 million
tonnes per annum to 16 millions tones per annum.
Total capital expenditure for the expansion is estimated at R7.3 billion.
Approval of the initial capital (R1.2 billion) will enable the mine to order
long-lead items, which will in turn assist in the rapid construction of the
project.
Of the 6 million tonnes expansion, 4 million tonnes will be for the export
market and 2 million tonnes for the domestic market. Assmang has received a
commitment from Transnet to extend the current Iron Ore Export allocation from
10 mtpa to 14 mtpa, increasing Assmang`s export capacity accordingly. This will
dovetail with the Iron Ore channel expansion from 47 mtpa to 60 mtpa.
ENDS
For all more information please contact:
Jan Steenkamp
Chief Executive: ARM Ferrous
Office: +27 11 779 1108
Mobile: +27(0) 82 492 6948
E-mail: jan.steenkamp@arm.co.za
Or
Monique Swartz
Corporate Development and Head of Investor Relations
Office: +27 11 779 1507
Mobile: +27(0)83 411 2881
E-mail: monique.swartz@arm.co.za
Johannesburg
1 September 2008
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited
Date: 01/09/2008 07:05:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
