Last checked at 17 Apr 2008 14:22
17 April 2008 BISICHI MINING PLC Bisichi Mining PLC settles all disputes with its former Black Economic Empowerment partner in South Africa
Bisichi Mining PLC ("Bisichi"), the mining company with direct coal mining operations in South Africa, is pleased to announce the full and final settlement of all its disputes with Endulwini Resources Limited ("Endulwini Resources"), Endulwini Coal Limited ("Endulwini Coal"), and the Mhlaba Dube Memorial Trust ("the Trust") with regard to Black Wattle Colliery (Pty) Limited ("Black Wattle"), Ezimbokodweni Mining (Pty) Limited ("Ezimbokodweni") and Ninghi Marketing Limited ("Ninghi").
The terms of the settlement are as follows:
1 . Bisichi will drop all legal actions against the Trust regarding its share holding in Black Wattle
2 . The Trust will transfer its shares in Black Wattle to Bisichi
3 . Endulwini Resources will drop all counter legal actions against Bisichi regarding Black Wattle
4. All disputes regarding Ezimbokodweni and Ninghi are dropped between the parties
5. Bisichi will make a payment of 10 million South African Rand (approximately UK‚£640,000 at today's exchange rate) in total to Endulwini Resources and the Trust
Speaking about the settlement, Andrew Heller, Managing Director of Bisichi Mining PLC said: "I am very pleased that we can draw a line under this whole affair. Bisichi has significant business opportunities in South Africa and can now focus on developing these within a Black Economic Empowerment context. We are proud of our longstanding commitment to Black Economic Empowerment and we very much look forward to bringing new partners into our South African businesses as soon as possible."
For further information please call:
Andrew Heller, Bisichi Mining PLC 020 7415 5030
Tom Kearney
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