Palabora Mining Company Limited - Magnetite busine
PAM
PAM
Palabora Mining Company Limited - Magnetite business
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
Registration number - 1956/002134/06
JSE Code: PAM & ISIN: ZAE000005245
("Palabora" or "the Company")
Magnetite business
Shareholders are referred to the disclosures made in the 2005 Annual Report
and the interim report for the six months ended 30 June 2006 wherein it was
advised that Palabora was considering expressions of interests received for
the offtake of magnetite and was also continuing to build the magnetite
business using "current production".
The Board is pleased to announcement that Palabora has entered into a
supply contract for the magnetite concentrate with China National Minerals
(Minmetals). The agreement is for the supply of up to 2 million tonnes per
annum starting from October 2006. The current magnetite sales are in the
region of 1.2 million tonnes per annum into the Chinese iron and steel
market and management will continue to pursue growing the business beyond 2
million tones per annum.
Phalaborwa
25 August 2006
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 25/08/2006 02:25:03 PM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
