/ 8 February 1999

TSUMEB CORP TEETERING

THE future of provisionally liquidated Namibian copper mining company Tsumeb Corporation Limited has to be resolved this week, says liquidator Des Mathews. Mathews said on Sunday he is expecting to finalise what will happen to TCL this week. The company has been in provisional liquidation since April 29 and its closure threw some 2000 employees out of work. One of the issues to be addressed in the coming week will be the reported offer to take over the company by an Australian company, Danae Resources. The application for the liquidation of the former copper mining giant goes before the High Court in Windhoek again next Friday, February 19. This means that by next week Friday a suitable buyer must be found, or the company will be finally liquidated and its assets sold to cover its debts.