Arm receives competition commission approval for JV with LionOre at Nkomati
2 June 2005
African Rainbow Minerals Limited (“ARM”) (JSE : “ARI” LSE : “AGM”) announced on 2 February 2005, a transaction valued at US$48.5 million in which LionOre Mining International (LionOre) would partner ARM in a 50:50 joint venture at Nkomati Mine. This included LionOre paying US$20 million for participation in the significant Nkomati expansion project, if the two partners agree to proceed.
ARM is pleased to report that all conditions precedent have been met, including unconditional approval from the South African Competition Commission on the formation of the joint venture.
ARM’s Chief Executive Officer Andr� Wilkens said: “We look forward to the completion of the feasibility study review and the pit optimization study and we expect to present the expansion project to our board of directors by late 2005.”
For all investor relations’ queries, please contact:
Executive Corporate Development
+27(0) 82 570 5064