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Fulfilment of conditions precedent regarding the disposal of ARM’s interest in Lubambe copper mine

22 December 2017

Further to the announcement released on the Stock Exchange News Service of the JSE Limited on Tuesday, 15 August 2017, ARM shareholders are advised that all conditions precedent pertaining to the Disposal have now been fulfilled. The disposal of the equally held 80% interest of ARM and Vale International SA, a wholly owned subsidiary of Vale S.A. (“Vale”), in Lubambe Mine therefore became unconditional on 21 December 2017.

The total purchase consideration payable, directly and indirectly, to ARM and Vale in respect of the Disposal is US$97.10 million, which will be settled in cash. The final amount receivable, directly and indirectly, by ARM and Vale, is subject to, amongst others, the following adjustments, which will be finalised on completion of the Disposal:

    i. settlement of Lubambe’s general banking facility of approximately US$26 million;

    ii. payment of property transfer tax payable in an amount of approximately US$10 million; and

    iii. refund of funding provided to Lubambe after 1 May 2017 in an amount of approximately US$25 million.

For all investor relations queries, please contact:

Jongisa Magagula
Head of Investor Relations and Corporate Development
Office: +27 11 779 1507
Mobile: +27 82 562 5288

22 December 2017

Investment Bank and Transaction Sponsor to ARM
The Standard Bank of South Africa Limited

Legal adviser to ARM
Bowman Gilfillan

Sponsor to ARM
Deutsche Securities (SA) Proprietary Limited

Investor Relations

Jongisa Magagula
Head of Investor Relations and Corporate Development

Tel: +27 (0) 11 779 1300

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