Document date: Thu 12 Jun 2003 Published: Thu 12 Jun 2003 17:38:21 Document No: 153279 Document part: A Market Flag: N Classification: Progress Report AUSTRALIAN MAGNESIUM CORPORATION LIMITED 2003-06-12 ASX-SIGNAL-G
HOMEX - Brisbane
+++++++++++++++++++++++++ Australian Magnesium Corporation Limited (ASX codes: ANM, ANMNA, ANMO) remains in discussions with its major stakeholders.
These discussions are aimed at reaching an agreement, which preserves value for shareholders and stakeholders by restructuring the activities of the Company and the Stanwell Magnesium Project.
The proposed restructure includes halting work on the Stanwell Magnesium Project in central Queensland and placing the site on care and maintenance.
An agreement to restructure would enable AMC to regroup, assess Stanwell development options and continue the search for a new corporate or project partner.
It would include a significant reduction in AMC staff and Board and management changes.
The Company would continue to operate its QMAG magnesia products business at Rockhampton.
AMC shareholders would retain ownership of the Company and the magnesium industry expertise and technology interests held within the Group.
AMC's Distribution Entitled Security (DES) holders will continue to receive distribution payments, with the remaining three payments each of 3.2 cents per security to be paid over the next 18 months
AMC is awaiting finalisation of the proposed agreement being negotiated with the project's key stakeholders - the Queensland Government, the Commonwealth Government, Newmont Australia, and Leighton Contractors.
The aim is to conclude the agreement shortly.
For further comment contact Joel Forwood MANAGER - Investor Relations
Simon Jemison GENERAL MANAGER - Public Affairs Tel: +61 7 3837 3400 Fax: +61 7 3837 3423
ANM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
