Conclusion of ARM / Vale joint venture transaction
29 March 2009
ARM is pleased to announce the successful completion of the previously announced transaction to acquire the shares held by minority shareholders in TEAL Exploration & Mining Incorporated (“TEAL”), and the simultaneous introduction of Companhia Vale do Rio Doce (“Vale”) as a 50% strategic joint venture partner in relation to the development and operation of TEAL’s assets. Please refer to the previous announcement relating to the transaction dated 17 December 2008.
In due course, the common shares of TEAL will be de-listed from the Toronto Stock Exchange (TSX) and the JSE Limited (JSE), respectively, and TEAL will also apply to terminate its reporting issuer status in Canada.
With effect from 25 March 2009, ARM will proportionately consolidate 50% of TEAL’s financial results.
“ARM remains committed to growing its copper business in Africa and this new joint venture with a partner of the stature of Vale brings significant value to all stakeholders”, said Andr� Wilkens, CEO of ARM.
For more information please refer to the TEA and Vale website’s.
For more information please contact:
Corporate Development & Head of Investor Relations
Office: +27 11 779 1507
Mobile: +27(0) 83 411 2881
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited