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BHP BILLITON / KUYASA MINING (PTY) LIMITED - JOINT NEWS RELEASE
JOINT NEWS RELEASE
BHP BILLITON`S INGWE COAL ANNOUNCES EMPOWERMENT DEAL WITH KUYASA MINING
BHP Billiton, the world`s largest resources company, has announced that its
subsidiary Ingwe Coal has entered into yet another successful empowerment deal
in South Africa.
The deal involves the selling of Delmas Colliery in the Mpumalanga Province to
Kuyasa Mining (Pty) Limited, one of the junior miners in the South African
mining industry. The deal is worth US$3 million. This operation has at least a
fifteen-year life span and thus provides Kuyasa with a solid base for future
development within the coal mining industry.
One of the previous mining related empowerment deals involved Kuyasa in their
first mining venture, establishing the Ikhwezi Colliery next to Delmas five
years ago. Ingwe, together with Anglo Coal, established Eyesizwe Coal in 2000
(in a deal worth US$48 million). In addition to the abovementioned, Ingwe has
made significant reserves available to another BEE junior miner, Endulweni
Resources.
The sale of Delmas will allow Ingwe to concentrate its strategic focus on its
largest domestic customer, Eskom, as well as their large-scale export steam coal
ventures.
Handing over of the mine by Ingwe to Kuyasa will take place on Wednesday, 4th
September 2002 at 12h00 in the Auditorium at 6 Hollard St., Johannesburg.
ends
For further information, please contact:
Michael Campbell
Vice-President: Investor and Media Relations
BHP Billiton (South Africa) Limited
Telephone: 011 376 3360 Fax: 011 376-3362
Cell: 082 458 2587 e-mail: michael.j.campbell@bhpbilliton.com
Wendy Gobey
Director - Corporate Affairs
Kuyasa Mining (Pty) Ltd
Telephone: 082 8835510 / 082 4570197 e-mail: kimin@global.co.za
NOTES TO EDITORS
INGWE
Ingwe Coal Corporation Limited, one of our largest energy coal exporters in the
world, owns and operates eight collieries in Mpumalanga and Kwa Zulu Natal
provinces in South Africa. Ingwe is a wholly owned subsidiary of BHP Billiton
and forms the significant part of it Energy Coal Customer Sector Group.
Ingwe has a 37% stake in the Richards Bay Coal Terminal (RBCT) making it the
single largest shareholder. RBCT is pivotal in Ingwe`s exporting activities.
For the year ended 30 June 2002, Ingwe achieved turnover of US$ 983 million
(previous year US$ 1039 million) and earnings before interest and tax of US$ 302
million (previous year US$ 223 million).
KUYASA
Kuyasa Mining (Pty) Limited, a private coal mining holding company, was
registered in 1995. It was established by four former Ingwe middle managers,
all of whom are current directors and owners of Kuyasa.
It is the holding company for its wholly owned Ikhwezi Colliery, which has been
in production since 1997. Ikhwezi is the only operating coal mining company
that is black owned and managed in South Africa. Kuyasa acts as manager to
Ikhwezi in respect of Health and Safety, Environmental Management, Operation
Systems, Financial and Product Controls and Marketing.
Kuyasa was the first black owned company to become a member of the Chamber of
Mines of South Africa
Date: 04/09/2002 02:17:00 PM Produced by the JSE SENS Department |
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