Sa Chrome - Progress Report On Ferrochrome Project
SA Chrome
South Africa Chrome & Alloys Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/003452/06)
("SA Chrome")
PROGRESS REPORT ON THE FERROCHROME PROJECT; UPDATE ON THE ACQUISITION OF
HERNIC FERROCHROME (PROPRIETARY) LIMITED ("HERNIC"); AND CAUTIONARY
ANNOUNCEMENT
1. Progress Report
The directors of SA Chrome are pleased to announce that the establishment of
SA Chrome's 235,000 ton per annum ferrochrome facility near Rustenburg is
ahead of schedule and below budget.
The contract with SA Chrome's lump-sum turnkey contractor, Bateman Titaco,
became effective on 24 March 2001, and as such the first furnace is due to
be completed 12 months later on 25 March 2002. In turn, the second furnace
is scheduled for completion on 6 May 2002, and the pelletising and sintering
plant on 17 June 2002.
The directors are confident that the project will continue to run ahead of
schedule and below the final R700 million budget.
2. Hernic
The acquisition agreement, details of which were disclosed in the
announcement dated 5 April 2001, has been allowed to lapse by mutual
consent.
3. Cautionary announcement
The boards of SAChrome and Hernic are pursuing discussions with the
objective of concluding a revised agreement and shareholders will be kept
informed of developments in this regard. In the meantime shareholders are
advised to exercise caution when dealing in SA Chrome's shares.
Johannesburg
Monday, 11 June 2001
Sponsor to the Hernic Transaction
Brait
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