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PAM
PAM
PAM - Palabora - Announcement
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1956/002134/06)
JSE code: PAM ISIN: ZAE000005245
("Palabora")
ANNOUNCEMENT
1. LODGEMENT OF THE APPLICATION FOR CONVERSION OF MINING RIGHTS
The board of directors of Palabora ("the Board") is pleased to announce
that on 19 March 2009, Palabora lodged its old order mining rights for
conversion to new order mining rights with the Department of Minerals
and Energy in Polokwane.
2. CHANGES TO DIRECTORATE
In compliance with section 3.59 of the Listings Requirements of the JSE
Limited, Palabora hereby announces the following changes to its Board of
Directors:
Mr. George Negota has resigned as a non-executive director and Chairman
of the Board, with effect from 24 March 2009. Mr. Negota is leading a
consortium of entrepreneurs ("the consortium") to acquire an equity
interest not exceeding 6% in a newly formed, special purpose subsidiary
of Palabora, which subsidiary will acquire all or an appropriate part of
Palabora`s business under the potential broad based Black Economic
Empowerment transaction ("the transaction"). It is presently envisaged
that 26% of the equity in the said subsidiary will be held by a
combination of (i) the consortium, (ii) Palabora employees and (iii) a
trust established for the communities of the Ba-Phalaborwa area, with
the remaining 74% held by Palabora. Full details of the proposed BEE
transaction will be announced in due course. Due to the potential
conflict of interest, Mr. Negota was recused from Board discussions
relating to the Transaction at the Board meeting held on 23 February
2009.
With effect from 24 March 2009, Mr. Clifford Zungu has been appointed as
interim Chairman of the Board. Mr. Zungu has been an independent non-
executive director of Palabora since April 2002 and held the
chairmanship during the 2006 financial year.
With effect from 1 April 2009, Mr. Philip Robinson and Mr. Coen Louwarts
have been appointed as alternate directors to Ms. Kay Priestly and Mr.
Clive Latcham respectively.
Phalaborwa
25 March 2009
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 25/03/2009 17:05:16 Produced by the JSE SENS Department.
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