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SacOil Update on Operations

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03 Oct 2012

SacOil has agreed to sell its Greenhills Manganese Processing Plant in South Africa (the "Plant"), a non-core asset, to a company representing the management and employees of the Plant (the "Purchaser") for a consideration of R7.0m. The management team is led by Koenraad Josephine Joseph De Rooster. The sale of the Plant is on an 'as is' and vendor financed basis, with the liabilities for employees, rehabilitation and environment aspects passing on to the Purchaser.

The performance of the Plant has deteriorated over the last few years as the requirement for further capital expenditure has become apparent. The Plant is currently loss making but reported a R1.67m profit before tax for the twelve months to 28 February 2012.