Austral Coal Limited 03 - Panel Publishes Reasons

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The Takeovers Panel (the Panel) has today, published its reasons for its decision in relation to an application by Glencore International A.G. and Fornax Investments Limited (together, Glencore) received on 4 July 2005 in relation to the affairs of Austral Coal Limited (Austral). Details of the Panel's decision were announced on 8 July 2005 in Panel media release TP05/51 This release is available on the Panel's website at: Media Releases.

The sitting Panel in this matter was Denis Byrne, Chris Photakis and Nerolie Withnall.

The reasons of the Panel are available of the Panel's website at: Reasons for Decisions.

Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501