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MML
MML
MML - Metmar Limited - Update on developments at Kalahari Resources
Metmar Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/007269/06)
JSE code: MML& ISIN: ZAE000078747
("Metmar" or "the Company")
Update on developments at Kalahari Resources
Background
Kalahari Resources owns a 40% share in Kgalagadi Manganese, a joint venture with
Arcelor Mittal (50%) and the Industrial Development Corporation (10%), the
mining house which is currently developing a R11bn manganese mine and sinter
plant in the Northern Cape, as well as the manganese smelter at Coega in Port
Elizabeth.
Newspapers have yesterday reported on the removal of chairperson Daphne Mashile-
Nkosi and her fellow director and brotherfrom the board of Kalahari Resources,
and the appointment of Sandile Majali and 7 others in their stead. In response
Mashile-Nkosi has laid charges of fraud against Majali and launched an urgent
application at the High Court to relieve the company of its new directors.
Update
Whilst Metmar will closely follow ongoing developments at Kalahari Resources, it
would like to remind its shareholders that Kgalagadi Manganese itself continues
to operate and the boardroom dispute at Kalahari Resources is:
* not going to delay the R3.6bn sinter plant, which is already under
construction in Kuruman in the Northern Cape; and
* nor will the start later this year of the smelter construction at
Coega be affected. It is scheduled to be commissioned in 2012.
Kalahari Resources expects the construction of the twin shaft mine,
which has already started, to proceed smoothly.
Since Metmar holds an 11.66% shareholding in Kalahari Resources as a strategic
equity investment, the Company`s day-to-day business activities will also not be
affected by the ongoing dispute.
Sandton
10 September 2010
Corporate advisors Sponsor
Qinisele Resources (Pty) Ltd Barnard Jacobs Mellet Corporate
Finance (Pty) Limited
For further enquiries please contact:
David Ellwood (CEO of Metmar): +27 11706 3999
Dennis Tucker (Qinisele Resources): +27 82 492 4957
Date: 10/09/2010 11:29:39 Produced by the JSE SENS Department.
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