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Northam Pt BEE deal "imminent" Posted: Wed, 01 Aug 2007 [miningmx.com] -- NORTHAM Platinum advised shareholders on Wednesday (August 1) to exercise caution in their shares, a statement that is thought to signal the imminence of a long-awaited empowerment deal. "A deal is imminent now," said a market source who added the protagonists in the transaction were Anglo Platinum, Northam Platinum, and Mvelaphanda Resources. In terms of the deal, the large Booysendal project would become 100% owned by Northam Platinum which would provide Aquarius Platinum with a later opportunity for a pool and share deal through its contiguous Everest mine. Lazarus Zim's Afripalm Resources was also involved in the deal. According to market sources the transaction, which has been four years in the making, will see Mvela Resources transfer its 50% stake in the Booysendal deposit to Northam in exchange for shares, lifting Mvela’s stake in the platinum miner to 34% from 21.9%. Mvela Resources spokesman James Wellstead said he was unable to talk about the cautionary. The other leg of the transaction involves Anglo Platinum selling its 50% stake in Booysendal through Afripalm to Northam, which will then fully own a critical second mining asset. Afripalm is a broad-based empowerment firm led by former Anglo American SA CEO, Lazarus Zim. The company owns 31% of Mvela. The surprise departure of Anglo Platinum CEO Ralph Havenstein at the end of July will have no impact on the transaction. This is because Anglo Platinum’s chief financial officer Norman Mbazima, who has been appointed acting CEO, has been leading the world’s largest platinum company in negotiations. Northam has a heavily potholed and operationally very difficult mine. The company is deepening what is already the deepest mine on the rich South African platinum reefs to access less difficult ore. Click Here to subscribe to our daily newsletter
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