To view the PDF file, sign up for a MySharenet subscription.

PET - Petmin Limited - Petmin receives consent from the Department of Mineral

Release Date: 23/02/2012 08:45
Code(s): PET
Wrap Text

PET - Petmin Limited - Petmin receives consent from the Department of Mineral Resources for the sale of SamQuarz PETMIN LIMITED Incorporated in the Republic of South Africa Registration Number 1972/001062/06 Share Code JSE: PET & ISIN: ZAE000076014 Share Code AIM: PTMN ("Petmin" or "the Company") Petmin receives consent from the Department of Mineral Resources for the sale of SamQuarz Petmin is pleased to announce it has received consent from the South African Department of Mineral Resources in terms of Section 11(1) of the Mineral and Petroleum Resources Development Act 2002 for the sale of its SamQuarz silica mine to Thaba Chueu Mining (Pty) Limited (Thaba). The sale remains subject to a Competition Tribunal appeal by Petmin and Thaba against a decision by the Competition Commission to prohibit the sale. Petmin announced on 13 September 2011 that it had sold SamQuarz to Thaba for R259 million (plus all profits made after 1 July 2011 until closing of the transaction) subject to approval from the Competition Commission and the Department of Mineral Resources. A formal notice was filed with the Competition Tribunal by Petmin and Thaba on Friday 27 January 2012, asking the Tribunal to reconsider the Commission`s decision. It is anticipated that the legal process before the Tribunal will take approximately six months. During this time, Petmin will continue to operate SamQuarz as a profitable and productive mining business. Shareholders are reminded that Petmin trades under a Cautionary, and this announcement is not related to the Cautionary. Enquiries: Petmin Bradley Doig (Director of Business development) +27 11 706 1644 Media Jonathon Rees +27 76 185 1827 Nominated Adviser and Broker (AIM) Macquarie Capital (Europe) Limited Steve Baldwin +44 20 3037 2362 Nicholas Harland +44 20 3037 2369 Sponsor and Corporate Adviser (JSE) River Group Andrew Lianos +27 834 408 365 Johannesburg 23 February 2012 Date: 23/02/2012 08:45:01 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.

Share This Story