PET - Petmin Limited - Petmin receives consent from the Department of Mineral
PET
PET
PET - Petmin Limited - Petmin receives consent from the Department of Mineral
Resources for the sale of SamQuarz
PETMIN LIMITED
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code JSE: PET & ISIN: ZAE000076014
Share Code AIM: PTMN
("Petmin" or "the Company")
Petmin receives consent from the Department of Mineral Resources for the sale of
SamQuarz
Petmin is pleased to announce it has received consent from the South African
Department of Mineral Resources in terms of Section 11(1) of the Mineral and
Petroleum Resources Development Act 2002 for the sale of its SamQuarz silica
mine to Thaba Chueu Mining (Pty) Limited (Thaba).
The sale remains subject to a Competition Tribunal appeal by Petmin and Thaba
against a decision by the Competition Commission to prohibit the sale.
Petmin announced on 13 September 2011 that it had sold SamQuarz to Thaba for
R259 million (plus all profits made after 1 July 2011 until closing of the
transaction) subject to approval from the Competition Commission and the
Department of Mineral Resources.
A formal notice was filed with the Competition Tribunal by Petmin and Thaba on
Friday 27 January 2012, asking the Tribunal to reconsider the Commission`s
decision.
It is anticipated that the legal process before the Tribunal will take
approximately six months. During this time, Petmin will continue to operate
SamQuarz as a profitable and productive mining business.
Shareholders are reminded that Petmin trades under a Cautionary, and this
announcement is not related to the Cautionary.
Enquiries:
Petmin
Bradley Doig (Director of Business development)
+27 11 706 1644
Media
Jonathon Rees
+27 76 185 1827
Nominated Adviser and Broker (AIM)
Macquarie Capital (Europe) Limited
Steve Baldwin
+44 20 3037 2362
Nicholas Harland
+44 20 3037 2369
Sponsor and Corporate Adviser (JSE)
River Group
Andrew Lianos
+27 834 408 365
Johannesburg
23 February 2012
Date: 23/02/2012 08:45:01 Produced by the JSE SENS Department.
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