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

Release Date: 31/05/2013 09:55:00      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,
14 February 2013 and 26 February 2013 and 6 May 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 following conditions precedent to the
Vlaklaagte Disposal have been timeously waived or fulfilled, namely:

The Vlaklaagte Mining Right being granted to Wescoal Mining in accordance
with the MPRDA. Xstrata has agreed to accept the granting of the Vlaklaagte
Mining Right to Wescoal Exploration, in substitution for the grant thereof
to Wescoal Mining and has waived the aforementioned Condition Precedent.

Wescoal Mining obtaining Ministerial consent for the transfer of the
Vlaklaagte Mining Right to Xstrata in terms of section 11 of the MPRDA.
This Condition Precedent has been satisfied.

Shareholders are reminded that the effective date of the transaction is 31
July 2013 and will be advised when 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
31 May 2013

Date: 31/05/2013 09:55:00 Supplied by www.sharenet.co.za                     
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