Anglo American plc ("Anglo American") announces that it has signed heads of
agreement for LionOre Mining International Limited ("LionOre") of Canada, to
acquire Anglo American's nickel interests in Botswana for US $75.9m in cash.
These interests comprise 43.35% in Tati Nickel Mining Company (Pty) Limited
("Tati"), a 12.65% stake in Botswana RST Limited (which owns 85% of BCL
Limited) and a 7.5% direct interest in BCL Limited. This acquisition will
result in LionOre owning 85% of Tati, (with the Government of Botswana
retaining its holding of 15%).
The transaction is subject to satisfaction of a number of conditions
precedent including receiving appropriate approvals from the Government of
Botswana and the signing of a binding legal agreement.
7 May 2002
For further information contact:
London:
Investor Relations
Nick von Schirnding +44 20 7698 8540
Media Relations
Kate Aindow +44 20 7698 8619
Johannesburg:
Investor Relations
Anne Dunn +27 11 638 4730
Media Relations
Marion Dixon +27 11 638 3001
Background Notes for Editors:
Anglo American plc is one of the world's largest mining and natural resource
groups. With its subsidiaries, joint ventures and associates, it is a global
leader in gold, platinum group metals and diamonds, with significant
interests in coal, base and ferrous metals, industrial minerals and forest
products. The group is geographically diverse, with operations in Africa,
Europe, South and North America and Australia. (www.angloamerican.co.uk).
Tati Nickel, operates two mines, Selkirk (underground) and Phoenix, (open
cast) near Francistown, Botswana. The ore from Selkirk is concentrated and
then smelted on a toll basis at a plant owned by BCL Limited at Selebi-
Phikwe, also in Botswana. The ore from Phoenix is treated at the mine then
further upgraded and smelted at BCL with the resultant matte sent to third
parties for refining. Tati is currently commissioning an expansion project
which will double annual production. In 2001 Tati produced 6,305 tonnes of
nickel and 2,157 tonnes of copper.
BCL mines and processes ore in Botswana to produce copper, nickel and small
quantities of cobalt. In 2001 BCL produced 12,600 tonnes of nickel and
14,900 tonnes of copper in the form of matte.
LionOre Mining International Ltd is an international mining company listed
on the Toronto stock exchange with interests in Botswana and Australia. The
company owns 41.65% of Tati and its interests in Australia include the Emily
Ann nickel mine, the Maggie Hays nickel sulphide deposit and the Thunderbox
gold project (www.lionore.com).
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.
