Petmin and the proposed buyer of its SamQuarz silica mine, Thaba Chueu Mining (Pty) Limited (Thaba), have appealed against a decision by the Competition Commission to prohibit the sale.
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.
This follows Petmin's statement of 16 January 2012, in which it advised that the Commission had said it would not authorise the sale of SamQuarz due to its strategic importance as a supplier to the producers of ferrosilicon and silicon metal in South Africa. Petmin had 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 Commission and the Department of Mineral Resources.
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.
Enquiries:
Petmin
Bradley Doig
bradley@petmin.co.za
+27 824 597 818
Nominated Advisor (AIM)
Numis Securities Limited
Stuart Skinner
+44 207 260 1000
Sponsor and Corporate Advisor (JSE)
River Group
Andrew Lianos
+27 834 408 365
© 2009 Petmin Limited