| Fri 17 Nov 2006, 17:47 | | Kumba Iron Ore Limited - Listing of Kumba Iron Ore |
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JSE
KIO
Kumba Iron Ore Limited - Listing of Kumba Iron Ore on the JSE Limited
Kumba Iron Ore Limited
A member of the Anglo American plc group
(Formerly Vicva 177 (Proprietary) Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2005/015852/06)
Share code: KIO & ISIN: ZAE000085346
("Kumba Iron Ore" or "the Company")
Listing of Kumba Iron Ore on the JSE Limited
1. Introduction
The Board of Kumba Iron Ore is pleased to announce that the JSE Limited
("JSE") has approved the application for a listing of the entire issued
ordinary shares of Kumba Iron Ore representing a 331 594 471 ordinary
shares in the "Basic Materials- General Mining" sector of the JSE list
under the abbreviated name "Kumba", with effect from the commencement of
trade on the JSE on Monday, 20 November 2006.
This abridged pre-listing statement is not an invitation to the public to
subscribe for shares in Kumba Iron Ore, but is issued in compliance with
the Listings Requirements of the JSE ("Listings Requirements") for the
purposes of providing information to the public regarding Kumba Iron Ore.
2. Purpose of the listing on the JSE
The unbundling and listing of Kumba Iron Ore is a key component of the
Kumba Resources Limited ("Kumba Resources") empowerment transaction as
detailed in the Kumba Resources circular and revised listings particulars
posted to shareholders on 9 October 2006. The rationale for the broader
transaction and by extension for the listing of Kumba Iron Ore, is to
create meaningful and sustainable broad-based empowerment. On listing,
Kumba Iron Ore will become the only pure play iron ore company listed on
the JSE and a subsidiary of Anglo American plc.
3. Nature of business
Kumba Iron Ore is a leading producer of high grade iron ore.
Currently, approximately 73% of Kumba Iron Ore"s total annual production is
exported to 30 major customers in various geographical regions.
Further information on the Kumba Iron Ore business is included in the full
Kumba Iron Ore pre-listing statement and the Kumba Iron Ore competent
persons" report, available in terms of paragraph 7 below.
4. Group structure
Please refer to the press release for the Kumba Iron Ore group structure
organogram.
5. Directors
The directors of Kumba Iron Ore are set out below:
Executive directors
Erasmus Jacobus Chief Executive Officer (designate)
Myburgh
Age 47
Business address Kumba Iron Ore Head Office
Roger Dyason Road, Pretoria West
Qualifications BEng(Elec), BSc(Hons)(Energy studies), MBA
Experience Ras was appointed General Manager of Sishen
Iron Ore Company ("SIOC") as from February
2006. Ras"s previous positions in Kumba
Resources were General Manager responsible
for transformation and empowerment and
Managing Director of Kumba Resources" coal
division. Ras chaired the boards of two Kumba
Resources" subsidiaries and has served on the
board of SIOC since June 2004. Prior to
joining Kumba Resources, Ras was engineering
services manager at Iscor Mining and, before
that, he was employed by Eskom Holdings
Limited ("Eskom") as Engineering Manager at
the Matimba power station and as Power
Station Manager at the Drakensberg Pumped
Storage Scheme.
Vincent Patrick Uren Chief Financial Officer (designate)
Age 45
Business address Kumba Iron Ore Head Office
Roger Dyason Road, Pretoria West
Qualifications B Comm, CTA, CA(SA)
Experience Vincent has been employed by the Anglo
American plc group since 1989. Having spent
some 17 years in the Corporate Finance
Department in the Anglo American plc group,
currently in the position of Senior Vice-
President, Vincent has been involved in a
number of diverse, complex and high level
transactions, both locally and
internationally.
Non-executive
directors
Polelo Lazarus Zim Chairman
Age 45
Business address 44 Main Street, Johannesburg
Qualifications BComm, BComm(Hons), MCom, DCom(hc)
Experience Lazarus was, until recently, Chief Executive
Officer of Anglo American South Africa
Limited and Chairman of Anglo Operations
Limited. Lazarus is President of the Chamber
of Mines and serves on the boards of Anglo
American South Africa Limited, Mondi SA
Limited, Sanlam Limited and Telkom SA
Limited. Lazarus is former Chief Executive
Officer of M-Net Supersport and former
Managing Director of MTN International
Limited.
Philip Michael Baum Non-executive director
Age 52
Business address 44 Main Street, Johannesburg
Qualifications BComm, LLB, Higher Diploma in Tax Law
Experience Philip is Chairman and Chief Executive
Officer of Anglo American plc"s Ferrous
Metals and Industries Division as well as
acting Chief Executive Officer of Anglo
American South Africa Limited. Philip joined
Anglo American Corporation of South Africa
Limited in 1979. In 1991 Philip was appointed
an alternate director and in 1997 an
Executive Director of Anglo American
Coproration of South Africa Limited. From
1996 to 2001, he was the Chief Executive of
Anglo American Corporation Zimbabawe Limited.
In March 2001, Philip was appointed as Chief
Operating Officer of Anglo American
Corporation of South Africa Limited. Philip
was appointed Chief Executive Officer of
Anglo American"s Ferrous Metals and
Industries Division in October 2003 and
became Chairman of that division and a member
of Anglo American plc"s Executive Board in
January 2006.
Gert Stephanus Gouws Non-executive director
Age 47
Business address 19 Fredman Drive, Sandton
Qualifications BComm(Law), BComm(Hons), CA(SA),
FCMA(UK)
Experience Gert is the Chief Financial Officer of
the Industrial Development Corporation
of South Africa Limited("IDC"). After
completing his auditing articles at
PricewaterhouseCoopers, he joined the
IDC in 1983. Gert was General Manager:
Finance from January 1997 and became
Chief Financial Officer of the IDC in
February 1999. Between September 2003
and February 2005 he served as Chief
Operating Officer of the IDC and was re-
appointed as Chief Financial Officer in
March 2005. Gert is an alternate
director of the IDC and serves as a
director of various companies including
Umicore Autocat SA (Chairman), Algorax
(Proprietary) Limited (Chairman),
Hernic Ferrechrome (Proprietary)
Limited and The Export-Import Finance
Corporation of South Africa.
Peter Bamatha Matlare Independent non-executive director
Age 46
Business address Vodacome Boulevard
Vodavalley, Midrand
Qualifications BSc(Hons) Political Science, Masters
(Southern African Studies)
Experience Peter is presently Commerical Director
of Vodacom South Africa. Peter started
in 1996 with Primedia Limited as
Director: Strategic Planning. Peter was
appointed as Chief Executive Officer of
Primedia Broadcasting & Entertainment
in 1998 and Chief Operating Officer of
Primedia Limited in 2000. From 2001 to
2005, Peter was Group Chief Executive
Officer of the SABC before being
appointed at Vodacom in his present
position.
Allen John Morgan Independent non-executive director
Age 59
Business address 5 Triplets Way
Erinvale, Somerset West
Qualifications BSc BEng (Electrical), Pr Eng
Experience Allen commenced his career as an
electical engineer with Eskom in 1971.
Allen was promoted to Regional Manager
Eskom: Orange Free State in 1986. In
1988 Allen was appointed Distribution
Division Manager and in the same year
was promoted to Deputy General Manager:
Distribution and Marketing. Allen was
appointed to Eskom"s board in 1992 and
served as Executive Director: Marketing
and Electrification, Executive Director
sales and customer service and Eskom
Chief Executive (1994-2000). Allen is
currently the non-executive Chairman of
Kumba Resources.
Nkosana Donald Moyo Independent non-executive director
Nationality Zimbabwean
Age 54
Business address Actis
2 More London
Riverside, London
Qualifications PhD (Physics), MBA
Experience Nkosana is the Managing Partner Africa,
of Actis Capital LLP. Among the
highlights in Nkosana"s career are the
following positions: Senior adviser to
the International Finance Corporation
(2001-2003); Manging Director of
Batanai Capital Finance (1997-2000);
Manging Director of Standard Chartered
Bank, Tanzania (1995-1996); Africa
Regional Head - Corproate Banking -
Standard Chartered Bank, London (1993-
1995). Prior to joining the World Bank
in May 2001, Nkosana was the Minister
of Industry and International Trade in
Zimbabwe.
Dolly Doreen Mokgatle Independent non-executive director
Age 50
Business address Block G
Metropolitan Office Park
Wessel Road, Rivonia
Qualifications BProc LLB, Higher Diploma in Tax Law
Experience Dolly started her career as an
attortney with Cheadle, Thompson &
Haysem, specialising in the field of
human rights law. Dolly also practiced
in this field of law at the Legal
Education Centre of Black Lawyers"
Association. In 1987 Dolly joined Eskom
as legal adviser and was later promoted
to Executive Director in the Growth and
Development Division in 1997. After
acting as Executive Director: Corporate
Affairs, Dolly was appointed in 2000 as
Managing Director of the trasmission
division of Eskom. In 2003 Dolly was
appointed as Chief Executive Officer of
Spoornet. Dolly is currently an
Executive Director of Peotona Capital
(Proprietary) Limited. Dolly is also
non-executive Chairman of EDI Holdings
(Proprietary) Limited and the Deputy
Chairman of the National Energy
Regulator of South Africa.
6. Prospects
The market for seaborne iron ore is projected to remain attractive for some
years, and Kumba Iron Ore"s secure access to additional high quality
reserves and to existing infrastructure provides the basis upon which to
expand rapidly its production capacity. Proven reserves and resources can
support an increase in production from the current 32 million tonnes per
annum ("Mtpa") to more than 70Mtpa by 2015.
Kumba Iron Ore"s strategy will be to grow its volumes and improve its
efficiencies to earn competitive returns on capital employed which exceeds
its cost of capital, taking external, economic and market conditions into
consideration.
7. Pre-listing statement
The Kumba Iron Ore pre-listing statement was posted to shareholders on 9
October 2006. Copies of the full pre-listing statement as well as the Kumba
Iron Ore competent persons" report are available in English only during
normal business hours until 20 November 2006 from the registered office of
the Company, Roger Dyason Road, Pretoria West.
Pretoria
17 November 2006
Sponsor to Kumba Iron Ore:
Deutsche Securities (SA) (Proprietary) Limited
Date: 17/11/2006 05:48:02 PM Produced by the JSE SENS Department
