ARM - ARM Receives Competition Commission approval
ARM - ARM Receives Competition Commission approval for JV With Lionore at
Nkomati
African Rainbow Minerals Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004580/06)
JSE Share code: ARI LSE Share code: AGM
ISIN: ZAE000054045
(`ARM` or the `Company`)
ARM RECEIVES COMPETITION COMMISSION APPROVAL FOR JV WITH LIONORE AT NKOMATI
Johannesburg, Thursday 2 June 2005
African Rainbow Minerals Limited (`ARM`) (JSE : `ARI` LSE : `AGM`) announced on
2 February 2005, a transaction valued at US$48.5 million in which LionOre Mining
International (LionOre) would partner ARM in a 50:50 joint venture at Nkomati
Mine. This included LionOre paying US$20 million for participation in the
significant Nkomati expansion project, if the two partners agree to proceed.
ARM is pleased to report that all conditions precedent have been met, including
unconditional approval from the South African Competition Commission on the
formation of the joint venture.
ARM`s Chief Executive Officer Andre Wilkens said: `We look forward to the
completion of the feasibility study review and the pit optimization study and we
expect to present the expansion project to our board of directors by late 2005.`
ENDS
Issued by African Rainbow Minerals Limited
For further details contact:
Pieter Rorich
Executive: Corporate Development
on +27(0)82 570 5064
pieter.rorich@arm.co.za
Sponsor to ARM
Deutsche Securities (SA) (Proprietary) Limited
Date: 02/06/2005 05:17:31 PM
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