Kumba Resources Increases Holding In Ticor Limited
Kumba Resources Increases Holding In Ticor Limited
Kumba Resources Limited
Share Code: KMB
ISIN Code: ZAE000034310
KUMBA RESOURCES INCREASES HOLDING IN TICOR LIMITED
Ticor Limited (Ticor) and Kumba Resources Limited (Kumba) have announced that
Kumba now holds 50,12% of the ordinary shares of Ticor.
Dick Carter, Ticor"s chairman, said: "Kumba has been a significant shareholder
in Ticor since it took an initial 35% holding in 1995 as part of a major
restructuring of Ticor. Since then Kumba has added progressively to its holding
by using the `creep mechanism" provided for in Australian company law. Kumba"s
support has contributed significantly to Ticor"s recent success, particularly
with respect to opening up the opportunity for our substantial investment in
South Africa. Kumba has reaffirmed that it continues to see Ticor as the vehicle
for its involvement in the TiO2 feedstock industry.
"At this time it is not intended that there will be any variation to the
composition of the Ticor Limited Board. However, certain administrative re-
arrangements will be necessary to recognise this change, including a change in
financial year end to 30 June from the current 31 December year end."
Dr Con Fauconnier, Kumba"s chief executive, said: "We are pleased with our major
investments in the heavy minerals industry in both Australia and South Africa.
We look forward to continued co-operation with Ticor to further develop our
interests in the industry to the mutual benefit of both companies."
ends
Note
KUMBA RESOURCES LIMITED
Kumba Resources Limited, one of the largest South African-based mining companies
listed on the JSE Securities Exchange, is a focused metals and mining company
with a diverse commodity portfolio consisting of iron ore, heavy minerals, coal,
base metals and industrial minerals. www.kumbaresources.com
TICOR LIMITED
Ticor Limited is a titanium dioxide company listed on the Australian Stock
Exchange. Ticor Limited has a 50:50 interest with Kerr McGee in the Tiwest joint
venture. The Tiwest project is situated along the west coast of Australia where
a dune deposit is mined for ilmenite for conversion to synthetic rutile, which
is used for the manufacture of titanium dioxide pigment in a plant owned by the
joint venture. www.ticor.com.au
TICOR SOUTH AFRICA
Ticor South Africa is jointly owned by Ticor Limited (40%) and Kumba Resources
Limited (60%). The company is situated at Empangeni and currently consists of
the Hillendale mine, a mineral separation plant and a smelter being constructed
to process ilmenite, rutile and zircon heavy minerals. The smelter"s first
furnace is due to be commissioned on schedule by end March 2003.
www.ticor-sa.com
For further information, please contact:
Dr Con Fauconnier
Chief Executive
Tel: 012 - 307-4314
For media relations enquiries, please contact:
Pat Mdoda
General Manager: Corporate Affairs
Tel: 012 - 307-4553
Mobile: 083 609 1204
For investor relations enquiries, please contact:
Trevor Arran
General Manager: Investor Relations
Tel: 012 - 307-3292
Mobile: 083 609 1444
Telephone : + 27 (12) 307 4843 P.O. Box 9229
Telefax : + 27 (12) 307 4080 PRETORIA 0001
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.
