COMPANIES
AngloPlat concludes BEE deal
Posted Fri, 09 Dec 2005
Anglo Platinum announced on Thursday it had reached an agreement and concluded a black economic empowerment transaction with the Ngazana Consortium.
The transaction, which was concluded after an extensive public tender and selection process, relates to the farm Elandsfontein 440 J.Q.
The Ngazana Consortium is led by Dr Penuell Maduna and includes prominent businesswomen and a broad historically disadvantaged persons (HDPs) investor base.
The Consortium holds a 26 percent unencumbered interest in Eland Platinum Mines. Eland Platinum Holdings, a public company, holds 65 percent of Eland Mines and plans to list on the JSE in 2006.
HDP's will control the boards of both Eland Mines and Eland Platinum Holdings.
In terms of the transaction, Anglo Platinum undertakes to apply for the conversion of its old order prospecting right on the farm Elandsfontein 440 J.Q. and once the necessary authorities are granted, cede the prospecting right and sell related
surface rights, necessary for the future establishment of mining infrastructure, to Eland Mines for an undisclosed cash consideration.
Anglo Platinum has further undertaken to provide the Consortium with available geological information and, if Anglo Platinum so elects, may undertake downstream processing of concentrate generated by the Consortium's mining activities.
| 
