/ 29 February 2000

TSUMEB SOLD

NAMIBIA’s Ongopolo Mining has agreed to acquire troubled copper miner Tsumeb Corporation which fell into liquidation nearly two years ago, Tsumeb’s creditors said on Tuesday. “This compromise, which was accepted by 99,9 of the creditors, will be submitted to court and the sanction date will be [March 10],” liquidator Des Mathews said. Mathews said all major claims against Tsumeb have been dropped and Ongopolo will take over the company free of liabilities. Tsumeb, a unit of Gold Fields of Namibia, closed down its operations in April 1998 after suffering heavy losses due to weak copper prices and a prolonged labour dispute.