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ARCELORMITTAL SOUTH AFRICA LIMITED - Iron Ore Supply Agreement between ArcelorMittal South Africa and Sishen Iron Ore Company Proprietary Limited

Release Date: 13/12/2012 16:00
Code(s): ACL     PDF:  
Wrap Text
Iron Ore Supply Agreement between ArcelorMittal South Africa and Sishen Iron Ore Company Proprietary Limited

ArcelorMittal South Africa Limited
(Incorporated in the Republic of South Africa)
Registration number: 1989/002164/06
Share code: ACL & ISIN: ZAE000134961
(“ArcelorMittal South Africa”)


IRON ORE SUPPLY AGREEMENT BETWEEN ARCELORMITTAL SOUTH AFRICA
AND SISHEN IRON ORE COMPANY PROPRIETARY LIMITED (“SIOC”)

Shareholders are referred to the announcement released on SENS on 16
October 2012 advising shareholders that ArcelorMittal South Africa
and SIOC were engaged in negotiations with regards to iron ore
supply to ArcelorMittal South Africa for the period from 1 January
2013 until the finalisation of the arbitration between the parties.

Shareholders are advised that an agreement has been reached between
the parties to govern the terms and conditions on which SIOC will
sell iron ore to ArcelorMittal South Africa from the Sishen Mine
with effect from 1 January 2013 (“the new interim pricing
agreement”). The key terms of the new interim pricing agreement 
are as follows:

-   SIOC will supply a maximum annual volume of 4.8 million tonnes of
    iron ore to ArcelorMittal South Africa at a weighted average
    price of US$65 per tonne (calculated on a FOR ex Sishen Mine gate
    basis);

-   the other terms and conditions will be materially the same as
    those   which    were   contained     in   the   extended   interim 
    pricing agreement which had been agreed for the period 1 August 2012 
    to 31 December 2012 (“the extended interim pricing agreement”); and

-   the new interim pricing agreement will endure for a period of 12
    months until 31 December 2013 or until the conclusion of the
    legal processes in relation to the 2001 Sishen Supply Agreement
    (whichever is sooner).

Shareholders will be informed of further developments in this
regard.

13 December 2012
Vanderbijlpark

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: 13/12/2012 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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