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Announcement pertaining to the Rio Tinto and Anglo American divestment, and update to cautionary announcement
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
Registration number – 1956/002134/06
JSE Code: PAM ISIN: ZAE000005245
("Palabora" or "the Company")
ANNOUNCEMENT PERTAINING TO:
• RIO TINTO GROUP ("RIO TINTO") AND ANGLO SOUTH AFRICA CAPITAL
PROPRIETARY LIMITED'S ("ANGLO AMERICAN") BINDING AGREEMENT
("RIO/ANGLO SALE AGREEMENT") TO SELL THEIR RESPECTIVE
EFFECTIVE SHAREHOLDINGS IN PALABORA ("RIO TINTO AND ANGLO
AMERICAN DIVESTMENT"); AND
• UPDATE TO CAUTIONARY ANNOUNCEMENT.
1. RIO TINTO AND ANGLO AMERICAN DIVESTMENT
Shareholders of Palabora ("Shareholders") are referred to the announcements published
on the Stock Exchange News Service of the JSE Limited (“SENS”) on 11 December
2012 and 28 December 2012, and the renewal of cautionary announcements published
on 12 February 2013, 27 March 2013, 13 May 2013 and 1 July 2013, regarding the
conclusion of the Rio/Anglo Sale Agreement between Rio Tinto, Anglo American and a
consortium of purchasers comprising South African and Chinese entities led by the
Industrial Development Corporation of South Africa SOC Limited and Hebei Iron & Steel
Group Co. Ltd.
As noted in the announcement of 1 July 2013, the completion of the Rio Tinto and Anglo
American Divestment is subject to the fulfilment of certain suspensive conditions by
31 August 2013, including the approval thereof by the South African Competition
Authorities. The Competition Tribunal of South Africa approved the Rio Tinto and Anglo
American Divestment on 3 July 2013 subject to certain conditions. As advised by Rio
Tinto, such approval by the Competition Tribunal fulfils the relevant condition to the Rio
Tinto and Anglo American Divestment. The Tribunal’s decision is available on Palabora’s
website at http://www.palabora.com.
The implementation of the Rio/Anglo Sale Agreement now remains subject only to the
following suspensive conditions:
• the completion agreement (“Completion Agreement”) governing Palabora's
broad-based black economic empowerment transaction (”BBBEE Transaction”)
having become unconditional; and
• no material adverse change having occurred between the signature date of the
Rio/Anglo Sale Agreement and the date that the outstanding suspensive
condition referred to above is fulfilled or waived.
In respect of the condition precedent involving the BBBEE Transaction, shareholders are
referred to Palabora’s SENS announcement of 1 July 2013. The Company wishes to
advise Shareholders that the process for obtaining the written confirmation of the
registration and cession of Palabora’s mining rights to Palabora Copper (Pty) Limited
(the remaining suspensive condition to Completion Agreement becoming unconditional)
has commenced and is in progress. Shareholders will be updated on further
developments in due course.
2. UPDATE TO CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the renewal of cautionary announcement published on
SENS on 1 July 2013 and are advised to continue exercising caution when dealing in
Palabora's securities until a further announcement is made in connection with the
Rio/Anglo Sale Agreement.
Phalaborwa
5 July 2013
Sponsor
One Capital
Date: 05/07/2013 08:45:00 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.
