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Wescoal Holdings Limited - Further Update On The Vlaklaagte And Elandspruit Transactions

Release Date: 26/02/2013 12:59:00      Code(s): WSL     
WESCOAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/006913/06)
JSE Share code: WSL & ISIN: ZAE000069639
("Wescoal" or "the Company")


FURTHER UPDATE ON THE VLAKLAAGTE AND ELANDSPRUIT TRANSACTIONS



Shareholders are referred to the announcements released on SENS on 31 July
2012, 3 September 2012, 5 October 2012, 8 November 2012, 21 December 2012
and 14 February 2013("Previous Announcements") and the circular dated 15
January 2013 ("Circular") relating to the Vlaklaagte Acquisition, the
Vlaklaagte Disposal and the Elandspruit Acquisition (?the Transactions?).

Capitalised terms used and not otherwise herein defined, shall have the
meanings ascribed thereto in the Previous Announcements.

Shareholders are advised that the date for satisfaction of certain of the
remaining Conditions Precedent have been extended by agreement between
Xstrata and Wescoal Mining as follows:

a)     Vlaklaagte Disposal ?

By no later than 30 April 2013 (previously 28 February 2013):

-    the Vlaklaagte Mining Right being granted to Wescoal Mining in
     accordance with the MPRDA; and
-    Wescoal Mining obtaining Ministerial consent for the transfer of the
     Vlaklaagte Mining Right to Xstrata in terms of section 11 of the MPRDA.


b)     Elandspruit Acquisition ?

By no later than 30 April 2013 (previously 28 February 2013) Xstrata
obtaining Ministerial consent for the transfer of the Elandspruit Mining
Right to Wescoal Mining in terms of section 11 of the MPRDA.


Shareholders will be advised as soon as the remaining conditions precedent
to the Transactions have been met.

Corporate adviser & Sponsor to Wescoal                Legal Advisers to
                                                      Wescoal
Exchange Sponsors                                     KWA Attorneys

Legal Advisers to Xstrata
Baker & McKenzie

Johannesburg
26 February 2013

Date: 26/02/2013 12:59:00 Supplied by www.sharenet.co.za                     
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