PAM - Palabora Mining Company - Appeal on the granting of new mining rights to a
PAM
PAM
PAM - Palabora Mining Company - Appeal on the granting of new mining rights to a
third party
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1956/002134/06)
JSE code: PAM ISIN: ZAE000005245
APPEAL ON THE GRANTING OF NEW MINING RIGHTS TO A THIRD PARTY
Palabora Mining Company Limited ("Palabora") has filed an appeal in terms of
section 96 of the Mineral and Petroleum Resources Development Act, No. 28 of
2002, ("MPRDA") with the Director General of the Department of Mineral Resources
("DMR"). The appeal is regarding the granting of a mining right to a third
party to mine copper, magnetite, phosphate apatite and baddeleyite, in an area
in respect of which Palabora holds an old order mining right to mine all base
metals except phosphates. Palabora has lodged its old order mining right for
conversion into a new order mining right under the MPRDA. Current mining
operations are not affected by this matter.
Palabora will continue to work cooperatively with the DMR to resolve this
situation. The process Palabora has followed is in accordance with DMR rules
and regulations which required a formal appeal to be filed with the Director
General.
Palabora looks forward to a timely resolution of this matter, which will be to
the long term, sustainable benefit of Palabora and its various stakeholders,
including its labour force, the local communities and its BEE partners in
Palabora Copper (Proprietary) Limited.
Phalaborwa
24 November 2010
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 24/11/2010 16:45:01 Produced by the JSE SENS Department.
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