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PAM
PAM
PAM - Palabora Mining Company Limited - Approval and granting of new order
mining rights
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1956/002134/06)
JSE code: PAM ISIN: ZAE000005245
("Palabora")
APPROVAL AND GRANTING OF NEW ORDER MINING RIGHTS
Palabora is pleased to advise that on Thursday, 15 December 2011, the
Department of Minerals Resources (DMR) approved and granted the conversion
of its old order mining rights into new order mining rights in terms of the
Minerals and Petroleum Resources Development Act (MPRDA) Act 28 of 2002.
Whilst seven of Palabora`s existing eight old order mining rights have been
converted, a final mining right is subject to a dispute resolution process.
Tony Lennox, Palabora`s managing director welcomed the DMR`s decision "The
granting of Palabora`s new mining rights enables Palabora to move forward
with its Broad Based Black Economic Empowerment (BBBEE) transaction and
provides long term stability for the business."
"The granted mining rights and the commitments therein will also ensure that
significant development will continue to be made within the communities of
Ba-Phalaborwa where our operations are located. The local economic
development projects and programmes identified in our social and labour
plans will go a long way to contribute to creating a better life for all
concerned."
The signing and execution of converted mining rights will start in early
2012. The granting of the new order Palabora mining rights is the
culmination of the journey that Palabora, the Unions and the DMR have
travelled to ensure compliance with various aspects of the MPRDA which
include the development of employees; mine community and rural development;
improving housing, living conditions and nutrition for employees;
preferential procurement and enterprise development as well as promoting
BBBEE ownership. The focus now shifts to implementation of the BBBEE
transaction, the commitments and undertakings made and continuous compliance
with the MPRDA.
Phalaborwa
19 December 2011
Sponsor:
One Capital
Date: 19/12/2011 10:37:00 Produced by the JSE SENS Department.
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