Trading Update And Withdrawal Of Cautionary Announ
Rareco -
RARE EARTH EXTRACTION CO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1989/003212/06)
("RARECO" or "the company")
SHARE CODE: RCO ISIN: ZAE000005807
TRADING UPDATE AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcement published together with
the company"s interim results on 27 March 2003, where it was stated that RARECO
was evaluating a project to mine a pegmatite deposit in Namaqualand.
RARECO is pleased to announce that this evaluation has been completed and that
negotiations regarding the beneficiation and marketing of the minerals have been
concluded. RARECO will hold 80% of the mining venture, and an empowerment
partner, who is the current owner of the mineral rights and a local resident,
will retain 20%. In addition, RARECO will hold 100% of a separate company that
will conduct the beneficiation activities. Production and sales will start
immediately. Feldspar will be sold to the glass industry in South Africa and
to companies that mill feldspar for other applications. Mica will be sold to
milling companies in South Africa. Other minerals, including tantalite,
lithium, bismuth and beryl, will be sold to processors overseas.
As this concludes the negotiations referred to, shareholders are accordingly
advised that they need no longer exercise caution in this regard when dealing in
their RARECO shares.
Cape Town
14 April 2003
Corporate advisor and sponsor
Sasfin Bank Limited
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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
