Total Coal South Africa (TCSA) and Xstrata Coal (XC) today confirmed the settlement of the long-term arrangements of TCSA’s 50% interest in Arthur Taylor Colliery (ATC) and Arthur Taylor Colliery Open-cast Mine (ATCOM) operations.
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Assmang, a 50:50 joint venture between ARM and Assore, today announced that Assmang has been granted new order mining rights from the DME for its Khumani Iron Ore Mine.
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Further to the announcements dated 28 February 2006, 6 July 2006 and 31 August 2006 whereby ARM and Xstrata announced the establishment of a major black controlled coal mining company and the exercise of an option to acquire a further 10% interest in Xstrata coal business, ARM announces that the financial effects arising on the retrospective application of the transaction, as required in terms of the Listings Requirements of the JSE Limited, have been finalised.
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Assmang, jointly controlled by ARM and Assore Limited, have reached agreement with Transnet Limited (Transnet) on Assmang’s export iron ore tonnage allocation and tariff through the Port of Saldanha.
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Headline earnings rose by 36% from R339 million to R462 million for the year ended 30 June 2006. Earnings were positively affected by Modikwa reporting its first annual profit since commissioning as well as significant price increases experienced by ARM’s nickel operations.
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The ARM group’s results to 30 June 2006 have been positively impacted by a strong performance from its PGM, nickel and iron ore operations owing to increased volumes, and more specifically high commodity prices as well as a weaker exchange rate during May and June of this year.
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ARM and LionOre Mining International Ltd co-owners of the Nkomati nickel mine in South Africa, are pleased to announce the approval of a 60,000 tonne per month chrome ore mining and processing operation, following completion of a feasibility study in June 2006.
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ARM hereby advises that the Company will be terminating its secondary listing on the London Stock Exchange with effect from the close of trading on 30 June 2006.
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ARM, and LionOre Mining International 50:50 joint venture owners of the Nkomati Nickel Mine in the Mpumalanga Province in South Africa advise that approval has been granted by the respective boards to proceed with a project to increase monthly production in order to maintain nickel output at 5 000 tons per year.
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The ARM group results for the six months to December 2005 have been negatively impacted by market conditions in its ferrous metals division.Shareholders are referred to the trading update released by Assmang in this regard, dated 26 January 2006.
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Shareholders are advised that the Board of Assmang has approved the first phase construction of a new export iron ore mine on its Bruce, King, Mokaning properties, adjacent to Kumba’s Sishenmine, near Kathu in the Northern Cape Province of South Africa.
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Jongisa Klaas
Head of Investor Relations and Corporate Development
Tel: +27 (0) 11 779 1300
E-mail: jongisa.klaas@arm.co.za
Corné Dippenaar
Corporate Development
Tel: +27 (0) 11 779 1300
E-mail: corne.dippenaar@arm.co.za
Ursula Anyamene
Investor Relations and Corporate Affairs Assistant
Tel: +27 (0) 11 779 1300
E-mail: ursula.anyamene@arm.co.za
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