EXX - Exxaro - Exxaro Joint Venture Partner Tronox Files For Chapter 11 In The Release Date: 12/01/2009 16:00:01 Code(s): EXX
EXX - Exxaro - Exxaro Joint Venture Partner Tronox Files For Chapter 11 In The
EXXARO RESOURCES LIMITED
Incorporated in the Republic of South Africa
(Registration Number: 2000/011076/06)
JSE share code: EXX
ISIN code: ZAE000084992
ADR code: EXXAY
("Exxaro" or "the company")
EXXARO JOINT VENTURE PARTNER TRONOX FILES FOR CHAPTER 11 IN THE UNITED STATES
Exxaro Resources Limited`s (Exxaro) joint venture partner in Tiwest, Tronox
Incorporated (Tronox), announced on 12 January 2009 that it has filed for
Chapter 11 relief under the United States Bankruptcy Code. Chapter 11 allows
Tronox to restructure its debts, reorganise business and address its
environmental legacies which it incurred when it was spun-off from Kerr McGee
Corporation in 2006.
In the announcement Tronox stated that its offshore operations will continue
without interruption. Tronox Western Australia Pty Ltd, which holds Tronox`s 50%
interest in Tiwest, and Tronox Pigments Limited which is responsible for
marketing the joint venture partners` share of pigment production, will not form
part of the Chapter 11 filing. Exxaro expects that the mining, manufacturing and
marketing activities of Tiwest will be unaffected by the filing. The expansion
of the Tiwest titanium dioxide plant at Kwinana, Western Australia, which is
funded by Exxaro, will also not be impacted by the Tronox filing. The expansion
remains on track for wet commissioning in the first half of 2010.
Exxaro`s chief executive officer, Sipho Nkosi, said: "Exxaro has monitored
recent events closely and we remain committed to Tiwest, which forms an
important part of our mineral sands business."
The Tiwest Joint Venture is the world`s largest integrated titanium minerals
production and manufacturing company. Established in 1988, Tiwest operates in
Western Australia. Its facilities include the Cooljarloo mineral sands mine, the
Chandala synthetic rutile plant and the Kwinana titanium dioxide pigment plant.
Tiwest`s success has been built on the development of high quality mineral
reserves and the application of sophisticated process technology. For
information on Tiwest, visit www.tiwest.com.au.
Exxaro is one of the largest South African-based diversified resources groups,
with interests in the mineral sands, coal, base metals, industrial minerals and
iron ore commodities. More information is available on www.exxaro.com.
12 January 2009
Wim de Klerk: Executive General Manager: Mineral Sands and Base Metals &
Financial Director designate
Tel: +27 12 307 4848
Mobile: +27 82 652 5145
J.P.Morgan Equities Limited
Date: 12/01/2009 16:00:01 Supplied by www.sharenet.co.za
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