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ACL
ACL
ACL - ArcelorMittal - Sishen supply agreement and high court proceedings in
relation to the Sishen Mine Mineral Rights
ArcelorMittal South Africa Limited
(Incorporated in the Republic of South Africa)
Registration number: 1989/002164/06
Share code: ACL & ISIN: ZAE000134961
("ArcelorMittal")
SISHEN SUPPLY AGREEMENT AND HIGH COURT PROCEEDINGS IN RELATION TO THE SISHEN
MINE MINERAL RIGHTS
Subsequent to the institution of arbitration proceedings to determine the mining
rights dispute between ArcelorMittal and Sishen Iron Ore Company (Pty) Limited
("SIOC"), proceedings were instituted by SIOC in the High Court which joined
ArcelorMittal as a party thereto.
ArcelorMittal and SIOC have agreed that it is not possible for the arbitration
to proceed prior to the finalisation of the High Court proceedings. The issues
to be determined in the High Court impact directly on the fundamental premise of
SIOC`s contentions in the arbitration, being that SIOC was awarded a 78.6%
mining right.
ArcelorMittal contends in the High Court proceedings that SIOC was, as a matter
of fact and law, awarded a 100% mining right. If this issue is determined in
ArcelorMittal`s favour in the High Court proceedings, it will effectively negate
the aforesaid basis of SIOC`s contentions in the arbitration which may render
the arbitration academic. ArcelorMittal`s legal representatives have advised
ArcelorMittal that, as a matter of law, the arbitration cannot proceed until
ArcelorMittal`s contentions have been finally resolved in court.
There is a real prospect that, having regard to the importance of the matters in
issue, the unsuccessful parties will apply for leave to the Supreme Court of
Appeal who will be required to determine the highly complex, legal and factual
issues which have arisen in these proceedings. Such hearing before the Supreme
Court of Appeal is likely to take place before the end of next year.
ArcelorMittal remains confident of its prospects of success in both the High
Court and arbitration proceedings.
ArcelorMittal will publish a further announcement in due course containing the
salient aspects of the High Court judgment subsequent to the judgment being
handed down and will continue to keep shareholders informed of any further
material developments in this matter.
For further information please contact:
Themba Hlengani
Manager: Corporate Communications
Tel: (016) 889 2425 or 083 440 0158
Vanderbijlpark
9 December 2011
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 09/12/2011 12:06:09 Produced by the JSE SENS Department.
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