ARI - African Rainbow Minerals Limited - Conclusion of ARM / Vale joint venture
ARI
ARIM
ARI - African Rainbow Minerals Limited - Conclusion of ARM / Vale joint venture
transaction
African Rainbow Minerals Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004580/06)
JSE Share code: ARI
ISIN: ZAE000054045
("ARM")
Conclusion of ARM / Vale joint venture transaction
Johannesburg, 25 March 2009. ARM is pleased to announce the successful
completion of the previously announced transaction to acquire the shares held by
minority shareholders in TEAL Exploration & Mining Incorporated ("TEAL"), and
the simultaneous introduction of Companhia Vale do Rio Doce ("Vale") as a 50%
strategic joint venture partner in relation to the development and operation of
TEAL`s assets. Please refer to the previous announcement relating to the
transaction dated 17 December 2008.
In due course, the common shares of TEAL will be de-listed from the Toronto
Stock Exchange (TSX) and the JSE Limited (JSE), respectively, and TEAL will also
apply to terminate its reporting issuer status in Canada.
With effect from 25 March 2009, ARM will proportionately consolidate 50% of
TEAL`s financial results.
"ARM remains committed to growing its copper business in Africa and this new
joint venture with a partner of the stature of Vale brings significant value to
all stakeholders", said Andre Wilkens, CEO of ARM.
For more information please refer to the TEAL www.tealmining.com and Vale
www.vale.com website`s.
ENDS
For more information please contact:
Monique Swartz
Corporate Development and Head of Investor Relations
Office: +27 11 779 1507
Mobile: +27 83 411 2881
E-mail: monique.swartz@arm.co.za
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited
Date: 25/03/2009 12:29:01 Produced by the JSE SENS Department.
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