Orica Confirms African Explosives Discussions Discontinued

15th April, 1999

Orica Limited, referring to an announcement made today by AECI, confirmed that it had discontinued discussions with the African company about the potential purchase of AECI's explosives businesses. The two parties had been unable to agree on a price for the business.

Orica managing director and chief executive officer, Philip Weickhardt said, " We have said for some time that we are interested in entering the African explosives market, and we remain interested. However, we will only do so in a way that enhances value for Orica's shareholders."

"We will continue to explore all options for entering the African market, as well as pursuing numerous other growth opportunities elsewhere around the world for our explosives business" Mr Weickhardt said.

Orica is the world's leading supplier of commercial explosives.