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Anglo Pt accelerating BEE Posted: Tue, 05 Dec 2006 [miningmx.com] -- TERMS of Anglo Platinum’s empowerment deal, which will almost certainly involve an employee share option plan, may be delivered within months. That’s at least the target management is keen to meet. Tony Trahar, CEO of Anglo American, which owns 74.3% of Anglo Platinum, says empowerment in all the group’s underlying assets will be completed in the course of 2007. But Anglo Platinum appears to be working on a tighter deadline. But the group has a difficult job because the empowerment planned by Anglo Platinum has many moving parts. One aspect is the possible investment by former Anglo American SA CEO, Lazarus Zim, in Mvelaphanda Resources. Cash from this transaction will be used to finance Mvela Resources’ bid for Anglo Platinum’s 22.5% stake in Northam Platinum. And that’s just one aspect of Anglo Platinum’s plans. It’s thought Anglo Platinum, sticking to empowerment partners with which it’s already familiar, will also deal with Pelawan, the company that owns a stake in Canadian-listed firm, Anooraq Resources. “There’s a definite sense of urgency,” said an industry source. “Anglo American has seen Lonmin, Aquarius Platinum and soon Impala Platinum meet their empowerment goals. Shareholders in London are wanting to know when Anglo Platinum will step up to the plate,” he said. One obstacle, however, is that Anglo Platinum wants to have its empowerment credits predicated on ounces of the ground it sells rather than units of production. Government is thought to be sniffy about this methodology in the past, but compromise may be in the air. In Anglo Platinum’s view, the legislation does not exclude it.Free news alerts: click here to subscribe
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