KIO - Kumba Iron Ore Limited - Sishen supply agreement
KIO
KIO
KIO - Kumba Iron Ore Limited - Sishen supply agreement
Kumba Iron Ore Limited
A member of the Anglo American plc group
(Incorporated in the Republic of South Africa)
(Registration number 2005/015852/06)
JSE Share code: KIO
ISN: ZAE000085346
("Kumba")
SISHEN SUPPLY AGREEMENT
Shareholders were previously advised that Sishen Iron Ore Company (Proprietary)
Limited ("SIOC") and ArcelorMittal South Africa Limited ("AMSA") had on 22 July
2010 reached an interim pricing agreement ("the current interim agreement") in
respect of the supply of iron ore to AMSA from the Sishen Mine for the period
from 1 March 2010 to 31 July 2011.
In view of the fact that the arbitration proceedings between the two companies
are anticipated to take place in the first half of 2012, SIOC and AMSA have now
agreed to an addendum to the current interim supply agreement which extends the
terms and conditions of the current interim agreement to allow sufficient time
for the arbitration process to be finalised.
In terms of the addendum, the new interim agreement will endure to 31 July 2012.
The volume of iron ore to be supplied to AMSA remains the same as that provided
for in the current interim agreement as does the price of the iron ore to be
supplied, being US$70 per ton for iron ore despatched to AMSA`s inland steel
mills and US$50 per ton for iron ore despatched to AMSA`s Saldanha Steel
facility.
For further information please contact:
Anne Dunn: +27 82 448 2684
Pretoria
17 May 2011
Sponsor to Kumba
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 17/05/2011 15:00:02 Produced by the JSE SENS Department.
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