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ACL - ArcelorMittal South Africa Limited - Sishen supply agreement and high

Release Date: 15/12/2011 17:26
Code(s): ACL
Wrap Text

ACL - ArcelorMittal South Africa Limited - Sishen supply agreement and high court proceedings in relation to the Sishen Mine mineral rights ArcelorMittal South Africa Limited (Incorporated in the Republic of South Africa) Registration number: 1989/002164/06 Share code: ACL & ISIN: ZAE000134961 ("the Company") SISHEN SUPPLY AGREEMENT AND HIGH COURT PROCEEDINGS IN RELATION TO THE SISHEN MINE MINERAL RIGHTS The Company`s shareholders are referred to today`s North Gauteng High Court judgment in respect of the ownership of 21.4% of the Sishen mine. While the full judgment will be made available on Tuesday, 20 December 2011, the North Gauteng High Court has declared that the terms of the converted mineral rights granted to Sishen Iron Ore Mining Company Limited ("SIOC") in 2008 gave SIOC 100% of the right over the Sishen mine. The North Gauteng High Court also set aside the grant of the prospecting right to Imperial Crown Trading 289 (Pty) Limited, and furthermore also found acceptances by the Department of Mineral Resources of all applications for rights to iron ore at SIOC lodged after 2008, including SIOC`s application for a 21.4 percent mining right, were void from the outset. Today`s ruling confirms the position that the Company has always held that its rights over the 21.4% never lapsed and that SIOC has an ongoing obligation to supply the 6,25Mt of iron ore at cost plus three percent in terms of the existing agreement. Shareholders will be kept informed of any further developments. For further information please contact: Themba Hlengani Manager: Corporate Communications Tel: (016) 889 2425 or 083 440 0158 Vanderbijlpark 15 December 2011 Sponsor Deutsche Securities (SA) (Proprietary) Limited Date: 15/12/2011 17:26:56 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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