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KUMBA RESOURCES - THE CONSOLIDATION AND EXPANSION OF THE NORTHERN CAPE IRON ORE
INDUSTRY
ISIN: ZAE000034310
Share code: KMB
Metals and mining company Kumba Resources ("Kumba") takes note of the Memorandum
of Understanding ("MOU") regarding the Kalahari iron ore resource as signed by
the South African Government ("Government") and Anglo American Corporation of
South Africa.
Kumba has already presented to all the relevant Government departments, and
other stakeholders in the Northern Cape, an outline of how optimisation of the
iron ore assets in the Northern Cape can be achieved and the benefits thereof to
broad-based socio-economic empowerment, the operators, and South Africa in
general. Included in this outline is the utilisation of the Postmasburg-Coega
channel for the export of iron ore.
Kumba`s objectives for the Northern Cape Iron Ore Industry (NCIOI) are therefore
broadly aligned with those stated in the MOU. Kumba believes that these
objectives can be achieved through a consolidation of the assets and further
expansion of production in the Northern Cape, and has to this effect, on several
occasions over a protracted period of time, communicated its position in this
regard to Government and the other stakeholders in the Northern Cape.
Integral to Kumba`s objectives is the attainment of significant broad-based
Historically Disadvantaged South African ownership of the NCIOI. Importantly, it
is envisaged that this would include communities in which these assets are
positioned.
Kumba is the largest operator in the NCIOI and has recently made considerable
investments to expand its business in the Northern Cape. About R500 million was
spent in the past three years to expand the Sishen mine and associated
infrastructure (including substantial social investment), and about R90 million
has been spent on the Sishen South feasibility study which is close to
finalisation. Considerable expenditure will be incurred to expand iron ore
production in the Northern Cape in the medium term, commencing towards the
middle of 2003.
Kumba believes that in order to achieve the aims and objectives of the MOU and
the consolidation of the NCIOI, the interests of all stakeholders will need to
be accommodated.
ends
Note
Kumba Resources Ltd, one of the largest South African-based mining companies
listed on the JSE Securities Exchange, is a focused metals and mining company
with a diverse commodity portfolio consisting of iron ore, heavy minerals, coal,
base metals and industrial minerals. www.kumbaresources.com
Contacts:
Dr Con Fauconnier Pat Mdoda
Chief Executive General Manager Corporate Affairs
Tel: 012 - 307-4314 Tel: 012 - 307-4553
Mobile: 083 609 1204
Trevor Arran
General Manager: Investor Relations
Tel: 012 - 307-3292
Mobile: 083 609 1444
Date: 18/12/2002 08:05:00 AM Produced by the JSE SENS Department
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