Natural resources sector

Investec PLC
29 May 2007


Investec Limited                              Investec plc
Incorporated in the Republic of South Africa  Incorporated in England and Wales
Registration number 1925/002833/06            Registration number 3633621
JSE share code: INL                           JSE share code: INP
ISIN: ZAE000081949                            ISIN: GB00B17BBQ50


As part of the dual listed company ('DLC') structure, Investec plc and Investec
Limited notify both the London Stock Exchange and the JSE Limited of matters
which are required to be disclosed under the Disclosure and Listing Rules of the
United Kingdom Listing Authority (the 'UKLA') and/or the JSE Listing
Requirements.


PALLINGHURST, AMCI AND INVESTEC ANNOUNCE A STRATEGIC ALLIANCE WITHIN THE NATURAL
RESOURCES SECTOR


Johannesburg, 28 May 2007: Pallinghurst Resources ('Pallinghurst'), AMCI ConsMin
(Cayman) L.P. ('AMCI') and Investec Limited and Investec plc (collectively,
'Investec') are pleased to announce that they have concluded an agreement in
terms of which the parties ('Cooperation Partners') will cooperate in pursuing
investment opportunities within the global natural resources sector
('Cooperation Agreement').


The Cooperation Agreement brings together parties with a common strategic
mindset, financial ability and distinguished track records in order to establish
an alliance with unique expertise and execution skill in the natural resources
sector. AMCI and Investec have, under the terms of the Cooperation Agreement,
allocated for investment an amount of up to USD 200 million. Furthermore, the
Cooperation Partners are in advanced discussions with a leading Asian steel
company regarding an additional commitment of USD 100 million. It is expected
that these commitments, when pooled with those being sought from investors in
Pallinghurst, will total between USD 1 billion and USD 1.5 billion.


The Cooperation Partners will utilise their complimentary skill-sets and
in-depth industry knowledge to identify opportunities on a worldwide basis and
across the commodity spectrum in order to transform and add value to the assets
invested in.


'The Cooperation Agreement brings together a wealth of experience and expertise
in the natural resources sector. I have, in the past, had the privilege of
working with each of the Cooperation Partners and, as a result, am confident
that our alliance will give us a unique competitive advantage in identifying and
executing innovative transactions.' - Pallinghurst Chairman, Brian Gilbertson.


'Concluding the Cooperation Agreement with Pallinghurst and AMCI is an exciting
prospect for Investec. Both Pallinghurst and AMCI share a vision and
entrepreneurial spirit that is similar to that of Investec. The Cooperation
Agreement will position Investec to benefit from the deal flow that is expected
to be generated' - Investec CEO Stephen Koseff.


Pallinghurst is a specialist natural resources investment vehicle that seeks to
develop strategic partnerships with natural resources companies in order to
create shareholder value. Pallinghurst is chaired by Brian Gilbertson, widely
regarded as one of the leading figures in the natural resources industry, with a
notable history and proven track-record of value creation.


AMCI is an affiliate of American Metals & Coal International, Inc. ('AMCI
Inc.'), one of the world's largest and most successful privately owned coal
mining companies. AMCI Inc. has made investments in resources businesses in
Australia, the United States of America ('U.S.A'), Europe, China, South America
and southern Africa. The company was founded in the U.S.A. by Fritz Kundrun and
Hans Mende in 1986.


Investec is a leading provider of financial services to the natural resources
industry, with an integrated product offering, pulling together significant
technical skills, transaction experience and broad access to the global
financial markets. Investec has a proven track-record in providing creative and
value enhancing services and product offerings to its clients.


Mr Koseff added: 'Investec's core operational and geographic focus in the key
markets of Africa, Australia and the United Kingdom ideally positions it to add
value to the natural resource opportunities envisaged in the Cooperation
Agreement'.


Investec has, pursuant to the Cooperation Agreement, been invited by
Pallinghurst and AMCI to participate in a proposed transaction with Consolidated
Minerals Limited ('ConsMin'), an Australian resources company involved in the
exploration, mining, processing and marketing of manganese, chromite and nickel
ore.


On the 23rd of February, 2007 Pallinghurst and AMCI announced that, subject to
stakeholder approvals, they had concluded an agreement with ConsMin to create a
new diversified mid-tier mining company with significant domestic and
international growth opportunities. An investment vehicle of Pallinghurst, AMCI
and Investec ('Pallinghurst Investor') will own 60% of the newly established
company ('NewConsMin) via a scheme of arrangement ('Scheme'). In terms of the
Scheme, existing ConsMin shareholders will hold 40% of NewConsMin, thereby
providing them with participation in the value to be created by Pallinghurst
Investor's strategic shareholding in NewConsMin.


Mr Gilbertson added: 'We are delighted to welcome our partner Investec in the
proposed transaction with Consolidated Minerals. Investec's strong resources
focus will complement the strengths and skills of the Pallinghurst and AMCI
teams, and provide incremental benefits to all the shareholders of Consolidated
Minerals'.


Under the terms of the agreement concluded with ConsMin, Brian Gilbertson, Hans
Mende and Pallinghurst partner Arne H. Frandsen will join the board of
NewConsMin.


This proposed transaction is consistent with the strategic objectives of the
Cooperation Partners and is an exciting initiation of this long-term alliance.

ENQUIRIES

Company                        Contact                     Contact number
Pallinghurst                   Sean Gilbertson             [phone]
                               Arne H. Frandsen            [phone]

Investec Corporate Finance     George Nakos                [phone]
Investec Limited               David Lawrence              [phone]

College Hill                   Johannes Van Niekerk        [phone]
                                                           [phone]
                               Nicholas Williams           [phone]
                                                           [phone]


BACKGROUND


Pallinghurst


Pallinghurst Resources is a specialist natural resources investment vehicle
which seeks to develop strategic partnerships with leading resources companies.
Pallinghurst Resources draws upon the strategic and industry experience of its
management team, its capital markets relationships and access to high quality
opportunities worldwide to grow companies and create superior value for all
shareholders.


Pallinghurst Resources is chaired by Mr Brian Gilbertson. Mr Gilbertson is one
of the leading figures in the global resources industry, with a notable history
of successful value creation, including with Rustenburg Platinum Mines,
Trans-Natal Ltd, Gencor, Billiton plc, BHP Billiton, Vedanta Resources and SUAL.


Pallinghurst Resources has a co-investment arrangement with AMCI and Investec
and is advised by Pallinghurst Resources LLP, a London-based firm authorised and
regulated by the United Kingdom's Financial Services Authority.


AMCI


AMCI is an affiliate of the American Metals & Coal International group of
companies, which comprises a number of privately held coal and resources
companies with operations in mining, trading and investing in the resources
sector globally. American Metals & Coal International, Inc., was founded in 1986
in the United States of America by Fritz Kundrun and Hans Mende, and has grown
to become one of the largest private coal companies in the world.  AMCI group
companies have made investments in resource businesses in Australia, United
States of America, Europe, China, South America and southern Africa, and are
actively looking for further investment opportunities across the resources value
chain.


Investec


Investec is an international specialist banking group that provides a diverse
range of financial products and services to a niche client base in three
principal markets, the United Kingdom, South Africa and Australia. The group was
established in 1974 and currently has approximately 5 000 employees. Investec
focuses on delivering distinctive profitable solutions for its clients in five
core areas of activity namely Private Client Activities, Capital Markets,
Investment Banking, Asset Management and Property Activities.

Investec is a leading provider of financial services to the resources industry,
with an integrated product offering, pulling together significant technical
skills, transaction experience and broad access to the global financial markets.
Investec has a proven track-record in providing creative and value enhancing
services and product offering to its clients within this important sector.

In July 2002 the Investec group implemented a Dual Listed Companies Structure
with listings on the London and Johannesburg Stock Exchanges. Last year Investec
acquired NM Rothschild Australia Holdings Pty Limited, in order to enhance its
capabilities and presence in Australia. The combined group's current market
capitalisation is approximately £4.6 billion.




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