Palabora - Magnetite Sale: Update
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1956/002134/06)
Share Code: PAM ARC ISIN: ZAE000005245
(`Palabora` or `the Company`)
MAGNETITE SALE: UPDATE
As highlighted in the recent Business Update and cautionary announcement
released on 21 December 2004, Palabora`s Board has decided to pursue the sale of
its magnetite iron ore resource. This decision was made after receipt of a
number of unsolicited proposals to acquire the resource. Potentially interested
buyers will be contacted in February 2005. Formal offers will be sought shortly
thereafter.
The resource, which is stockpiled at site, is currently estimated to contain
approximately 238mt grading 56% Fe and 2.3% TiO2. Palabora is currently
undertaking further test work that is expected to support some further simple
processing to significantly enhance the resource quality.
Palabora has retained Cutfield Freeman & Co Limited, a London based independent
corporate finance company, to assist it with the review.
All enquiries should be directed to Cutfield Freeman & Co Limited Tel: +44 207
349 5250 (Peter Freeman or Mark Sawyer).
Phalaborwa
22 December 2004
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
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