PTMN Petmin

 

TIDMPTMN 
 
RNS Number : 8184M 
Petmin Limited 
01 June 2010 
 

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") 
 
UPDATE ON DEVELOPMENTS ON VEREMO INVESTMENT 
 
The board would like to update shareholders regarding recent market 
reports regarding our Veremo Holdings (Pty) Ltd ("Veremo") 
investment. 
 
Petmin is a 25 percent shareholder in Veremo and 75 percent is 
ultimately controlled by Kermas Limited ("Kermas"). Veremo is the 
owner of 70 percent of the Stoffberg magnatite project containing 
iron ore and titanium ("the Project"). 
 
Kermas Limited, Korean steel company Dongbu Steel Limited 
("Dongbu") and Korean state-run KORES ("the Parties") announced 
last week that they had signed a Memorandum of Understanding 
("MOU") to develop the Project. 
 
In terms of the MOU the Parties intend to develop the project in 
Stoffberg north of Johannesburg at an estimated capital cost of 
$475 million, to produce 1.2 million tonnes of pig iron per year 
from 2013. 
 
The two Korean firms intend to buy 50 percent of the plant's 
output. 
 
Petmin's position in Veremo remains unchanged and Petmin is working 
closely with Kermas on all aspects of the Project and believes 
these recent events signal a positive trend for the future 
development of the project 
 
Johannesburg 
1 June 2010 
 
Enquiries: 
Petmin 
Bradley Doig (COO) 
+27 824 597 818 
 
Nominated Advisor (AIM) 
Numis Securities Limited 
John Harrison 
+44 207 260 1000 
 
Sponsor and Corporate Advisor (JSE) 
River Group 
Andrew Lianos 
+27 834 408 365 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCDMGGVVMRGGZG 
 

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