PALABORA MINING COMPANY LIMITED - Insurance settlement regarding production shaft guide rope failure
PAM 201307100033A
Insurance settlement regarding production shaft guide rope failure
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
Registration number â 1956/002134/06
JSE Code: PAM ISIN: ZAE000005245
("Palabora")
INSURANCE SETTLEMENT REGARDING PRODUCTION SHAFT GUIDE ROPE
FAILURE
Palabora is pleased to advise shareholders of the full and final business interruption
insurance settlement of R244.25 million (VAT exclusive) in respect of the underground
production shaft guide rope failure which occurred last year on 4 July 2012. The settlement
will be reflected in the interim results for the six months ended 30 June 2013, due for
publication on or around 7 August 2013. The insurance claim was settled in full on 9 July
2013.
In terms of the business interruption insurance policy, the first 30 days were not covered and
the excess limit was $10 million. The settlement mainly covered the copper business which
recorded a pre-tax loss of R820 million for the year ended 31 December 2012 (âFY12â),
following the guide rope failure, whilst the group recorded a pre-tax loss of R110 million for
FY12.
Palabora
10 July 2013
Sponsor
One Capital
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