1% Lebowa deal finalised
Reuters | Fri, 03 Jul 2009 06:43[miningmx.com] -- Anglo Platinum and Anooraq announced on Thursday that all of the conditions precedent to the acquisition by Anooraq of an effective 51% interest in the Lebowa Platinum Mine from Anglo Platinum have been fulfilled. The transaction has accordingly been implemented in accordance with the terms and conditions of the agreements entered into between, inter alia, Anooraq and Anglo Platinum and became effective from 1 July 2009, the parties said. Philip Kotze, the President and Chief Executive Officer of Anooraq, said: "We are delighted that this transaction has been concluded. We view it as the first step in the realisation of our primary strategic objective to become a PGM producing company. As Anooraq now controls the third largest PGM resource base in South Africa, with a combination of high quality exploration, development and production mineral properties, the company has a very solid base from which to grow its production. I would like to thank all of the parties who have worked so hard to ensure that this transaction was completed successfully." Neville Nicolau, Chief Executive Officer of Anglo Platinum, commented: "We are pleased to report the successful conclusion of the transaction with Anooraq. The transaction facilitates Anooraq's strategy of becoming a major HDSA managed and controlled PGM producer and illustrates Anglo Platinum's commitment to broad-based BEE as a strategic transformation initiative."
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