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Shareholder Update
CHROMETCO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/026265/06)
Share code: CMO
ISIN Code: ZAE000070249
(“Chrometco” or “the Company”)
SHAREHOLDER UPDATE
Shareholders attention is drawn to the announcement made by
International Ferro Metals Limited (“IFM”) that IFM has been
placed into business rescue on 26 August 2015.
Shareholders are also referred to the announcement released
on SENS on 10 October 2014 wherein the Company advised
shareholders that it had signed agreements with IFM, in order
for IFM to mine open pitable LG6 at Chrometco's Rooderand
Mine and for IFM to purchase the ore mined.
Mining at Rooderand by IFM commenced in November 2014. The
difficulties related to the ore body exhibiting a higher
degree of geological faulting, steeper dips and a higher
degree of weathering resulted in mining operations being
suspended in May 2015, pending review of the results and
further mine planning by IFM IFM had indicated that it
expected to take a final decision on its future plans at
Rooderand in the 3rd quarter of 2015, taking into account
that the 12 month contract lapses in October 2015 and that it
had an option to extend the contract beyond that date.
As at commencement of IFM’s businesses rescue process, there
remain outstanding contractual and financial obligations due
to Chrometco in terms of the agreements referred to above and
which are mainly related to rehabilitation obligations.
Chrometco expects to liaise with IFM’s business rescue
practitioner on the way forward and on the fulfilment in due
course by IFM of its obligations to Chrometco.
Shareholders will be kept informed of progress in this
regard.
27 August 2015
Johannesburg
Designated advisor
PSG Capital Proprietary Limited
Date: 27/08/2015 03:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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