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Exx - Exxaro - Exxaro Enters Into Agreement With Potential New Tiwest Jv Partner

Release Date: 31/08/2009 12:28:02      Code(s): EXX
EXX - Exxaro - Exxaro Enters Into Agreement With Potential New Tiwest JV Partner
EXXARO RESOURCES LIMITED                                                        
(Incorporated in the Republic of South Africa)                                  
Registration number: 2000/011076/06                                             
JSE share code: EXX                                                             
ISIN: ZAE000084992                                                              
ADR code: EXXAY                                                                 
("Exxaro")                                                                      
EXXARO ENTERS INTO AGREEMENT WITH POTENTIAL NEW TIWEST JV PARTNER               
Diversified South African-based resources company Exxaro (JSE: EXX) today       
announced that it has entered into an agreement with Huntsman Corporation       
(Huntsman) (NYSE: HUN) in relation to the potential transfer of Tronox Western  
Australia Pty Limited`s joint venture (JV) interests in Tiwest to Huntsman.     
Exxaro operates the Tiwest mineral sands operations in Western Australia in a   
50:50 JV with Tronox Western Australia.                                         
Exxaro has agreed that certain JV contractual restrictions, including an        
applicable right of first refusal and change of control rights, will be waived  
in the event that Huntsman is approved by the United States Bankruptcy Court as 
the buyer of the Tronox Western Australia assets.                               
Huntsman today announced that the company has signed a "stalking horse" purchase
agreement in which its wholly-owned subsidiary, Huntsman Pigments LLC, has      
agreed to acquire certain assets of Tronox Incorporated (Tronox) and its        
subsidiaries, including the 50% interest in Tiwest. A stalking horse bid is a   
binding proposal from an interested buyer chosen by the bankrupt company to     
acquire assets, subject to a higher or better offer acquired through an auction 
process approved by the bankruptcy court. The sale is subject to bankruptcy     
court approval.                                                                 
Tronox and certain of the company`s subsidiaries filed voluntary petitions for  
reorganisation under Chapter 11 of the US Bankruptcy Code on January 12, 2009.  
Once the court has approved an auction process and protections for the stalking 
horse bidder, other potential buyers may submit competing bids for the bankrupt 
company`s assets.  The final winner of the assets will be determined by auction 
which forms part of the so-called Section 363 Sales Process under Chapter 11 of 
the US Bankruptcy Code. If Huntsman ultimately is approved by the bankruptcy    
court as the buyer and the sale is approved, Huntsman`s completion of the       
proposed acquisition of the assets of Tronox as agreed remains subject to       
customary antitrust and other regulatory approvals.                             
Sipho Nkosi, chief executive officer of Exxaro, said: "It is important for      
Exxaro to continue to have an experienced and technologically advanced partner  
at Tiwest. Huntsman is such a partner and they will bring significant technical 
knowledge and marketing competence to the pigment side of the business. We are  
satisfied that Huntsman was selected as the stalking horse bidder and look      
forward to working with them."                                                  
About Exxaro:                                                                   
Exxaro is one of the largest South African-based resources companies with       
interests in the coal, mineral sands, base metals and iron ore commodities.     
www.exxaro.com                                                                  
About Huntsman:                                                                 
Huntsman is a global manufacturer and marketer of differentiated chemicals.  Its
operating companies manufacture products for a variety of global industries,    
including chemicals, plastics, automotive, aviation, textiles, footwear, paints 
and coatings, construction, technology, agriculture, health care, detergent,    
personal care, furniture, appliances and packaging. Huntsman operates from      
multiple locations worldwide.                                                   
www.huntsman.com                                                                
Enquiries:                                                                      
Wim de Klerk                                                                    
Financial director                                                              
Tel: + 27 12 307 4848                                                           
Mobile: +27 82 652 5145                                                         
Email: wim.deklerk@exxaro.com                                                   
31 August 2009                                                                  
Pretoria                                                                        
Financial advisor                                                               
JP Morgan                                                                       
Sponsor                                                                         
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 31/08/2009 12:28:01 Supplied by www.sharenet.co.za                     
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