Southern Mining Corporation Limited -
Southern Mining Corporation Limited
("Southern Mining")
(Incorporated in the Republic of South Africa)
(Registration number 1996/014149/06)
Share code: SMC
ISIN: ZAE000029799
FINAL PAYMENT: SALE OF CORRIDOR SANDS LTD
The directors of Southern Mining are pleased to announce that:
WMC Resources Ltd ("WMCR") has advised that it has made the final contractual
payment for the acquisition of the Corridor Sands project from Yangara
Investments Limited ("Yangara"), a wholly-owned subsidiary of Southern Mining.
WMC acquired Corridor Sands from Yangara in December 2002.
The final payment is US$ 25 million and was settled by the issue of 6,715,123
WMCR shares to Yangara at a 30 day weighted average price of A$5.02421 per share
and an exchange rate of A$0.741/US$.
These WMCR shares will be sold by Yangara, which will then be voluntarily
liquidated, and the proceeds will form the major part of the final liquidation
dividend to shareholders of Southern Mining in the first half of 2004.
Shareholders will be advised on the proceeds of the sale of the WMCR shares on
completion thereof, which sales will be dependant upon market conditions.
For information contact: Mr Rob Still
+11 781 0375
+82 442 4542
Johannesburg
19 December 2003
Sponsor
HSBC
Date: 19/12/2003 03:50:03 PM Supplied by www.sharenet.co.za
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