KUMBA AND TICOR SIGN AGREEMENT WITH MADAGASCAR RES
Kumba Resources Limited (KUMBA)
ISIN: ZAE000034310
SHARE CODE: KMB
Kumba Resources Limited (KUMBA) and Ticor Limited (TICOR) announced today that
they have jointly completed an agreement with Madagascar Resources NL (MRNL) to
conduct a feasibility study on the Tulear mineral sands deposits held by MRNL in
south-western Madagascar.
The agreement provides Kumba and Ticor with an option, at a cost of $US2,0
million, to purchase MRNL"s interest in the deposits at the completion of a
bankable feasibility study.
Wim de Klerk, general manager of Kumba"s heavy minerals business unit, said:
"The preliminary exploration work done by MRNL indicates that the resource is of
exceptional quality and has the potential to contribute significantly to our
business.
"The size of the project and its proximity to an operating port will provide
further options when considering the expansion of Ticor South Africa"s smelting
operations at Empangeni in KwaZulu-Natal."
ends
Note
KUMBA RESOURCES LIMITEDKumba 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. Kumba Resources holds a 51,4% shareholding in the company. 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 owned by Kumba Resources Limited (60%) and Ticor Limited
(40%). The company is situated at Empangeni and currently consists of the
Hillendale mine, a mineral separation plant and a smelter to process ilmenite,
rutile and zircon heavy minerals.
www.ticor-sa.com
Media relations enquiries:
Pat Mdoda
General Manager: Corporate Affairs
Tel: 012 - 307-4552
Mobile: 083 609 1204
Investor relations enquiries:
Trevor Arran
General Manager: Investor Relations
Tel: 012 - 307-3292
Mobile: 083 609 1444
Date: 24/11/2003 08:00:11 AM Supplied by www.sharenet.co.za
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