UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 13, 2008
LEUCADIA NATIONAL CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
NEW YORK
(State or Other Jurisdiction of Incorporation)
1-5721 13-2615557
(Commission File Number) (IRS Employer Identification No.)
315 PARK AVENUE SOUTH, NEW YORK, NEW YORK 10010
(Address of Principal Executive Offices) (Zip Code)
212-460-1900
(Registrant's Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
Reference is made to the Annual Report on Form 10-K for the year end dated
December 31, 2007 and the Quarter Report on Form 10-Q for the quarter ended
March 31, 2008 of Leucadia National Corporation (the "Company") and the
description of the Company's investment in Cobre Las Cruces, S.A. ("CLC"), a
Spanish company that holds the exploration and mineral rights to the Las Cruces
copper deposit in the Pyrite Belt of Spain contained therein. As disclosed, the
Company holds a 30% interest in CLC, with the remaining controlling 70% interest
held by Inmet Mining Corporation, a Canadian based company listed on the Toronto
Stock Exchange ("Inmet").
On May 13, 2008, Inmet issued the following press release:
"TORONTO, May 13 /CNW/ - Inmet Mining Corporation (IMN-TSX) today announced that
Cobre Las Cruces, S.A. (CLC) has received notice from the Spanish water
authority, Confederacion Hidrografica del Guadalquivir (CHG), of its decision to
suspend the authorization for the dewatering and re-injection system (DRS) used
at the Las Cruces project. The DRS is a system of wells around and within the
Las Cruces open pit that removes water from the surrounding aquifer and
re-injects it into adjacent wells to prevent water from flowing into the pit,
thereby protecting the aquifer.
CHG has also indicated that CLC should not expose the ore in the pit during the
period of suspension. As a result, CLC will not be able to commence direct ore
shipping in June as previously forecast.
CLC is in the process of assessing CHG's concerns and identifying the measures
required to address them. Until such assessment is completed, the length of the
suspension of the DRS authorization, and of any delay in the ability to direct
ship ore, cannot be determined. CLC will continue to work with CHG and other
authorities to resolve the concerns so that the DRS authorization can be
reinstated as quickly as possible. In the interim, pre-stripping of the pit for
a future extension of the mine not related to the area of CHG's concern, and
construction of the process plant remain unaffected and will continue as
planned. In addition, key elements of the DRS will continue to be operated to
the extent necessary to preserve the environment and ensure the safety of the
pit."
A full copy of the Inmet press release may be found on Inmet's website,
www.inmetmining.com.
As reflected in the foregoing Inmet press release, it is currently impossible to
predict the length of time of the suspension, and the ultimate cost to bring CLC
into compliance with the 2003 authorization of the DRS system. However, a
material delay in resumption of mining activities would adversely impact the
value of the Company's interest in the Las Cruces project and could affect the
Company's obligations under its guarantee of the project financing for the Las
Cruces project.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: May 14, 2008
LEUCADIA NATIONAL CORPORATION
/s/ Joseph A. Orlando
-----------------------------
Name: Joseph A. Orlando
Title: Vice President