ACL - ArcelorMittal South Africa Limited - Sishen supply agreement and high
ACL
ACL
ACL - ArcelorMittal South Africa Limited - 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
("the Company")
SISHEN SUPPLY AGREEMENT AND HIGH COURT PROCEEDINGS IN RELATION TO THE SISHEN
MINE MINERAL RIGHTS
The Company`s shareholders are referred to today`s North Gauteng High Court
judgment in respect of the ownership of 21.4% of the Sishen mine. While the
full judgment will be made available on Tuesday, 20 December 2011, the North
Gauteng High Court has declared that the terms of the converted mineral rights
granted to Sishen Iron Ore Mining Company Limited ("SIOC") in 2008 gave SIOC
100% of the right over the Sishen mine.
The North Gauteng High Court also set aside the grant of the prospecting right
to Imperial Crown Trading 289 (Pty) Limited, and furthermore also found
acceptances by the Department of Mineral Resources of all applications for
rights to iron ore at SIOC lodged after 2008, including SIOC`s application for a
21.4 percent mining right, were void from the outset.
Today`s ruling confirms the position that the Company has always held that its
rights over the 21.4% never lapsed and that SIOC has an ongoing obligation to
supply the 6,25Mt of iron ore at cost plus three percent in terms of the
existing agreement.
Shareholders will be kept informed of any further developments.
For further information please contact:
Themba Hlengani
Manager: Corporate Communications
Tel: (016) 889 2425 or 083 440 0158
Vanderbijlpark
15 December 2011
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 15/12/2011 17:26:56 Produced by the JSE SENS Department.
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