Stimela Mining Limited Anglovaal Mining Industrial Development
(Registered in the Limited Corporation of South
British Virgin Islands (Incorporated in the Africa Limited
(Registration No: Republic of South (Incorporated in the
462007) Africa) Republic of South Africa)
("Stimela") (Registration (Registration No:
No:1933/004580/06) 1940/014201/06)
("Avmin") ("IDC")
(ISIN Code:ZAE
000017141)
(Share Code: AIN)
CO-OPERATION AGREEMENT BETWEEN STIMELA AND IDC
Following the formation of a joint venture between Stimela and Avmin
regarding Stimela's shares in Iscor Limited ("Iscor"), Stimela and IDC ("the
parties") have entered into a co-operation agreement ("the agreement") with
respect to their future holdings in Kumba Resources Limited ("Kumba").
Subsequent to the proposed unbundling by Iscor, Stimela and IDC will
collectively hold approximately 25 per cent of the issued shares of Kumba.
In terms of this alliance both parties have undertaken to jointly pursue
strategies relating to their holdings in Kumba.
The agreement provides for reciprocal pre-emptive rights with respect to the
parties' holdings in Kumba. Furthermore Stimela has granted to IDC the right
to acquire the Iscor (Steelco) shares held by Stimela post the Iscor
unbundling.
The parties are in favour of Iscor's planned unbundling proposal and are
supportive of Kumba's management. The parties' respective interests in Kumba
are seen as long term strategic holdings.
The agreement allows for the introduction of meaningful South African
empowerment participation, and in this regard, negotiations are underway.
Johannesburg
8 November 2001
Merchant Bank to Stimela Attorneys to the Adviser to IDC
Investec Corporate transaction HSBC
Finance JGM Attorneys to IDC
Sponsor to Avmin Werskmans
Deutsche Securities
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
