Austral Coal Limited 03 - Panel Publishes Reasons

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