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ACL - ArcelorMittal South Africa Limited - North Gauteng High Court judgment released ArcelorMittal South Africa Limited (Incorporated in the Republic of South Africa) Registration number: 1989/002164/06 Share code: ACL & ISIN: ZAE000134961 ("ArcelorMittal South Africa") NORTH GAUTENG HIGH COURT JUDGMENT RELEASED Further to the announcement released on 15 December 2011, ArcelorMittal South Africa`s shareholders are referred to a judgment released by the North Gauteng High Court (the Court), in relation to the undivided Sishen mining rights, in which Judge Raymond Zondo presided. The judgment follows a review application brought by Sishen Iron Ore Mining Company Limited (SIOC) against the Department of Mineral Resources (DMR) and Imperial Crown Trading 289 (Pty) Limited (ICT) (the application). ArcelorMittal South Africa Limited was joined in the application at the request of SIOC. ArcelorMittal South Africa`s argument was that SIOC has held a 100 per cent mining right since May/June 2008 when it applied (in December 2005) to convert its old order mining right into a mining right under the Minerals and Petroleum Resources Development Act ("MPRDA"). Judge Zondo agreed with ArcelorMittal South Africa`s assertion that SIOC was granted a 100 per cent mining right in accordance with the MPRDA. ArcelorMittal South Africa therefore believes the ruling confirms the view that SIOC has an ongoing obligation to supply the 6,25Mt of iron ore at cost plus three per cent in terms of the existing, valid and legally-binding, agreement. Whilst SIOC disputed the DMR`s awarding of a 21.4 per cent prospecting right to ICT in relation to the Sishen mine, the Court ultimately found that the acceptances by the DMR of any application for a mining or prospecting right relating to iron ore lodged after 2008, including SIOC`s application for a 21.4 per cent mining right, were void from the outset. The Court has therefore set aside the grant of the prospecting right by the DMR to ICT. The judgment has emphasised that the Minister of Mineral Resources (the Minister) granted Sishen (SIOC) the sole and exclusive full mining right to the iron ore in 2008, which was before the expiry of the prescribed five year period for lodging of old order mining rights. ArcelorMittal South Africa could not, therefore, competently lodge its old order mining right at any stage after the grant to Sishen of the converted mining right, but before the expiry of the five year period on 30 April 2009. If ArcelorMittal South Africa had lodged its old order mining right, the Minister would not in law have been able or competent to convert it into a mining right. Shareholders will be kept informed of any further developments. Vanderbijlpark 21 December 2011 Sponsor Deutsche Securities (SA) (Proprietary) Limited For further information please contact: Themba Hlengani - Manager: Corporate Communications Tel: (016) 889 2425 or 083 440 0158 Date: 21/12/2011 17:50:24 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.
