Joy Global Receives Approval to Purchase China-Based Mining Company

Joy Global has received approval from the People's Republic of China to go ahead with its purchase of International Mining Machinery Holdings.

Joy Global Inc., a worldwide manufacturer of high productivity mining solutions, announces that it has received approval from the Anti-monopoly Bureau of the Ministry of Commerce of the People's Republic of China for its planned purchase of International Mining Machinery Holdings Limited (IMM), a designer and manufacturer of underground mining equipment in China. These shares represent approximately 41.1% of the outstanding common stock of IMM.

Pursuant to the terms set forth in the Share Purchase Agreement, dated July 11, 2011, as amended, between Joy Global and TJCC Holdings Limited (TJCC), Joy Global will now purchase TJCC's 41.1% IMM shareholding at a price of HKD8.50 per share, or approximately $584 million at current exchange rates. Completion of the Share Purchase Agreement is expected to take place by December 30, 2011. After closing, Joy Global will own approximately 69.2% of IMM's outstanding common stock.

Upon closing of the purchase of IMM shares from TJCC, Joy Global will be required to make unconditional cash tender offers for the remaining outstanding shares of IMM common stock and all outstanding IMM share options pursuant to the Hong Kong Takeovers Code. The tender offers will be launched by Joy Global's wholly owned Hong Kong subsidiary, Joy Global Asia Limited, and will be subject to the terms and conditions to be set out in the offer document. The offer document is subject to approval by the Hong Kong Securities and Futures Commission and following such approval will be made available on