SA Chrome - Company Announcement
South African Chrome and Alloys Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/003452/06)
(Share code: SCE)
ISIN code: ZAE000022943
(`SA Chrome` or `the Company`)
COMPANY ANNOUNCEMENT
With effect from 1 July 2004, SA Chrome established a shared venture with
Xstrata South Africa (Proprietary) Limited (`Xstrata`) in terms of which SA
Chrome and Xstrata pooled their respective South African chrome and ferrochrome
assets to share in the earnings before interest, tax, depreciation and
amortisation (`EBITDA`) therefrom.
Shareholders attention is drawn to Xstrata`s chrome results for the six months
to 30 June 2004, published this morning.
In brief, the EBITDA attributable to Xstrata`s chrome division was US$90 million
for the six months to 30 June 2004, from attributable saleable production of
588,000 tonnes of ferrochrome at an indicative average published price of
ferrochrome of US Cents 63 cents / lb. The indicative average published price of
ferrochrome for Quarter 3, 2004 is US Cents 73 cents / lb.
SA Chrome`s participation in the combined EBITDA of the shared venture will
initially be 11%, rising to 17.5% from year 3 onwards.
Further details on Xstrata`s results may be viewed at www.xstrata.com/interim.
Johannesburg
12 August2004
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Corporate Finance
Date: 12/08/2004 08:35:08 AM
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