The Petmin board would like to update shareholders 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 the Stoffberg magnetite project containing iron ore and titanium ("the Project").
Veremo and MCC International Incorporation Ltd ("MCC"), one of China's foremost state controlled companies (which has inter alia been active in mining and processing in Africa for more than 25 years), today announced in Beijing that they had signed a Memorandum of Understanding ("MOU") to appoint MCC as the EPC contractor on a turnkey basis for the Veremo Project.
Petmin's position in Veremo remains unchanged and Petmin is working closely with Kermas on all aspects of the Project and believes that the signing of the MOU signals a positive trend for the future development of the project.
25 August 2010
Johannesburg
© 2009 Petmin Limited