Iscor Limited
(Registration number 1989/002164/06)
("Iscor")
CAUTIONARY ANNOUNCEMENT
Reference is made to the announcements published by Iscor and IDC
on 18 May 2001 and 5 June 2001 respectively, which confirmed that
Iscor and IDC were in discussions regarding, inter alia, the
complete recapitalisation of Saldanha Steel (Proprietary) Limited
and its integration into Iscor.
Discussions between Iscor and IDC are also addressing the long-
term supply of iron ore to Iscor post the unbundling by Iscor of
Kumba Resources Limited ("Kumba") the company which holds Iscor's
mining businesses and related assets. A proposal has been made by
Iscor regarding the long term supply of iron ore which is
currently being evaluated by IDC.
Iscor and IDC have entered into a confidentiality agreement in
terms of these discussions. This will enable the detailed
negotiations between the parties to be finalised.
Both Iscor and IDC are committed to reaching agreement on
outstanding issues as soon as possible. In terms hereof Iscor is
now targeting the unbundling of its shares in Kumba by the end of
September 2001.
While the unbundling date has been delayed, the board of directors
of Iscor believes that the satisfactory resolution of these issues
is in the best interests of all Iscor shareholders and
stakeholders.
Further announcements will be made as these negotiations are
advanced. In the meantime, Iscor shareholders are advised to
exercise caution when dealing in their Iscor shares.
By order of the Iscor Board
Pretoria
9 July 2001
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