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KIO
KIO
KIO - Kumba Iron Ore Limited - Sishen supply agreement and proceedings in
relation to the residual Sishen Mine Mineral Rights
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
ISIN: ZAE000085346
("Kumba")
SISHEN SUPPLY AGREEMENT AND PROCEEDINGS IN RELATION TO THE RESIDUAL SISHEN
MINE MINERAL RIGHTS
Shareholders are informed that ArcelorMittal South Africa Limited ("AMSA")
has proposed a delay in the arbitration proceedings regarding the Sishen
Supply Agreement, until the final resolution of the mining rights dispute.
As has been previously communicated to shareholders, the arbitration
proceedings were scheduled for May 2012. Sishen Iron Ore Company
(Proprietary) Limited ("SIOC") has agreed to AMSA`s proposal and the
arbitration proceedings will accordingly be delayed until the proceedings
in relation to the residual Sishen Mine Mineral Rights have been finalised.
Shareholders are reminded that the North Gauteng High Court is scheduled to
hand down judgment on 15 December 2011 in relation to the review
application launched by SIOC against the grant of an undivided 21.4%
prospecting right by the Department of Mineral Resources to Imperial Crown
Trading 289 (Proprietary) Limited. SIOC had also sought a declaratory
ruling to the effect that it was the only entity after 1 May 2009, capable
of applying for and being granted the 21.4% undivided interest in the
Sishen Mine. AMSA sought a declaratory ruling from the High Court to the
effect that, when SIOC was granted the conversion of its 78.6% old order
mining right, it became the exclusive 100% holder of the mining right in
the Sishen mine. Shareholders are advised that it is possible that once
judgment is handed down, that any of the unsuccessful parties to the matter
may appeal the judgment.
Shareholders are reminded that the high court review is one aspect of the
ongoing series of complex and interrelated disputes with respect to the
Sishen Mine Mineral Rights and the AMSA supply contract. Kumba 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.
Pretoria
For further information please contact:
Anne Dunn
Tel.: +27 (0)11 502 7404 / +27 (0)82 448 2684
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
9 December 2011
Date: 09/12/2011 12:12:56 Produced by the JSE SENS Department.
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