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KUMBA IRON ORE LIMITED - KIO/ ACL - Transfer of Thabazimbi Mine to ArcelorMittal South Africa

Release Date: 12/10/2018 12:00
Code(s): KIO ACL     PDF:  
Wrap Text
KIO/ ACL - Transfer of Thabazimbi Mine to ArcelorMittal South Africa

Kumba Iron Ore Limited
(Registration number: 2005/015852/06)
Incorporated in the Republic of South Africa
Share code: KIO
ISIN: ZAE000085346

ArcelorMittal South Africa Limited
(Registration number 1989/002164/06)
Incorporated in the Republic of South Africa
Share code: ACL
ISIN: ZAE 000134961
(“ArcelorMittal South Africa”)


Kumba and ArcelorMittal South Africa are pleased to announce that all the conditions precedent to the
Transfer of Thabazimbi Mine ("the Mine"), together with the mining rights, to ArcelorMittal South Africa
have either been fulfilled or waived. The employees, assets and liabilities as well as the mining rights
and the assumed liabilities for the Mine will be transferred at a nominal purchase consideration from
Sishen Iron Ore Company Proprietary Limited (“SIOC”) to Thabazimbi Iron Ore Mine (Pty) Ltd (a wholly-
owned subsidiary of ArcelorMittal South Africa, previously ArcelorMittal South Africa Operations (Pty)
Ltd on 1 November 2018.

Themba Mkhwanazi, CEO of Kumba, said, "We are pleased that consent for the transfer of the mining
rights of Thabazimbi Mine has been granted as it will enable ArcelorMittal South Africa to directly
manage their liabilities. This brings to culmination a very collaborative transfer process with ArcelorMittal
South Africa and we thank them for the role they played in the process. We also thank the employees
at the Mine for their contribution and commitment over the years and wish them everything of the best
as they embark on a new journey”.

Kobus Verster, CEO of ArcelorMittal South Africa, said “The conclusion of this process allows us to take
full ownership of the Thabazimbi Mine and continue with our investigations to decide the future of the
operations. We remain committed to ensuring the transition process is managed in the best interest of
Thabazimbi Mine employees and local communities”.

Kumba and ArcelorMittal South Africa have prior to this issued a joint announcement on 9 February
2017 advising that SIOC and ArcelorMittal South Africa had entered into an agreement for the transfer
of the Mine together with the mining rights, to ArcelorMittal South Africa. The Transfer was dependent
on certain conditions being fulfilled.

As reported in Kumba’s 2018 Interim results on 24 July 2018, the grant letter in respect of Section 11
of the Mineral and Petroleum Resources Development Act No.28 of 2002, approving the transfer of the
mining rights was received from the Department of Mineral Resources on 10 July 2018.

The Transfer is below the JSE transaction threshold for both Kumba and ArcelorMittal South Africa and
this announcement is for information purposes only.

12 October 2018

Sponsor to Kumba Iron Ore Limited:
Rand Merchant Bank (A division of FirstRand Bank Limited)

Sponsor to ArcelorMittal South Africa
Absa Bank (acting through its Corporate and Investment and Banking division)

For further information on Kumba, please contact:

Kumba Company Secretary
Celeste Appollis
Tel: +27 683 7063
Mobile: +27 82 941 7535

Investors                                              Media

Penny Himlok                                           Sinah Phochana               
Tel: +27 12 622 8324                                   Tel: +27 12 683 7019
Mobile: +27 82 781 1888                                Mobile: +27 76 066 0655

For further information on ArcelorMittal South Africa, please contact:

Vuyo Mtawa
Manager: Corporate Communication, ArcelorMittal South Africa
T+27 (0)16 889 4100

Notes to editors:

Kumba Iron Ore Limited, a member of the Anglo-American plc group, is a leading value-adding
supplier of high quality iron ore to the global steel industry. Kumba produces iron ore in South Africa
at Sishen and Kolomela mines in the Northern Cape Province. Kumba exports iron ore to customers
in a range of geographical locations around the globe including China, Japan, Korea and a number of
countries in Europe and the Middle East.

Notes to editors:

Anglo American is a global diversified mining business and our products are the essential ingredients
in almost every aspect of modern life. Our portfolio of world-class competitive mining operations and
undeveloped resources provides the metals and minerals to meet the growing consumer-driven
demands of the world’s developed and maturing economies. With our people at the heart of our
business, we use innovative practices and the latest technologies to discover new resources and
mine, process, move and market our products to our customers around the world.

As a responsible miner – of diamonds (through De Beers), copper, platinum and other precious
metals, iron ore, coal and nickel – we are the custodians of what are precious natural resources. We
work together with our key partners and stakeholders to unlock the sustainable value that those
resources represent for our shareholders, the communities and countries in which we operate and for
society at large. Anglo American is re-imagining mining to improve people’s lives.

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