EXX - Exxaro - Exxaro Withdraws From Igoda Coal Export Venture Release Date: 14/09/2009 10:00:01 Code(s): EXX
EXX - Exxaro - Exxaro Withdraws From Igoda Coal Export Venture
EXXARO RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2000/011076/06
JSE share code: EXX
ADR code: EXXAY
EXXARO WITHDRAWS FROM IGODA COAL EXPORT VENTURE
Diversified South African-based resources company Exxaro today announced that
it has withdrawn from the Igoda coal export venture with Sasol Mining.
The decision follows a review and prioritisation by Exxaro of its capital
expenditure and project pipeline following the global economic downturn.
"As we communicated during the presentation of our interim financial results
last month, Exxaro has reduced its project pipeline and will focus on the
successful implementation of committed and board-approved projects, an
example being the expansion of the Grootegeluk mine to supply Eskom`s Medupi
power station," said Sipho Nkosi, Exxaro chief executive officer.
The Igoda transaction, an empowerment venture between Eyesizwe Coal (now
Exxaro) and Sasol Mining, was formed in 2006 and was part of Sasol Mining`s
broad-based empowerment strategy.
"While it is disappointing that the partnership with Igoda Coal is no longer
viable for Exxaro, we understand the impact of the tough market conditions
and recognise many companies are facing difficult decisions regarding their
future investment options," said Hermann Wenhold, Sasol Mining managing
Exxaro is one of the largest South African-based resources companies with
interests in the coal, mineral sands, base metals and iron ore commodities.
Wim de Klerk
Tel: + 27 12 307 4848
Mobile: +27 82 652 5145
14 September 2009
Deutsche Securities (SA) (Proprietary) Limited
Date: 14/09/2009 10:00:01 Supplied by www.sharenet.co.za
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