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PET
PET
PET - Petmin - Update on developments on Veremo Investment
PETMIN LIMITED
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code JSE: PET & ISIN: ZAE000076014
Share Code AIM: PTMN
("Petmin" or "the Company")
UPDATE ON DEVELOPMENTS ON VEREMO INVESTMENT
The board would like to update shareholders regarding recent market
reports regarding our Veremo Holdings (Pty) Ltd ("Veremo")
investment.
Petmin is a 25 percent shareholder in Veremo and 75 percent is
ultimately controlled by Kermas Limited ("Kermas"). Veremo is the
owner of 70 percent of the Stoffberg magnatite project containing
iron ore and titanium ("the Project").
Kermas Limited, Korean steel company Dongbu Steel Limited
("Dongbu") and Korean state-run KORES ("the Parties") announced
last week that they had signed a Memorandum of Understanding
("MOU") to develop the Project.
In terms of the MOU the Parties intend to develop the project in
Stoffberg north of Johannesburg at an estimated capital cost of
$475 million, to produce 1.2 million tonnes of pig iron per year
from 2013.
The two Korean firms intend to buy 50 percent of the plant`s
output.
Petmin`s position in Veremo remains unchanged and Petmin is working
closely with Kermas on all aspects of the Project and believes
these recent events signal a positive trend for the future
development of the project
Johannesburg
1 June 2010
Enquiries:
Petmin
Bradley Doig (COO)
+27 824 597 818
Nominated Advisor (AIM)
Numis Securities Limited
John Harrison
+44 207 260 1000
Sponsor and Corporate Advisor (JSE)
River Group
Andrew Lianos
+27 834 408 365
Date: 01/06/2010 09:01:03 Produced by the JSE SENS Department.
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