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Anooraq may buy Lebowa Pt stake Posted: Mon, 18 Dec 2006 [miningmx.com] -- ANOORAQ Resources Corp., the Canadian platinum exploration company due to list on the JSE on December 19, is in discussions with Anglo Platinum to buy a 15% stake in the group’s Lebowa Platinum Mines (Leplats), and to take 100% ownership of the Ga-Phasha platinum project. “From the beginning, we’ve been in talks with Anglo Platinum to make additional acquisitions if we could. Those talks are still ongoing,” said Tumelo Motsisi, deputy CEO of Anooraq Resources. Motsisi declined to comment further on the discussions with Anglo Platinum. “There’s no deal yet,” he said in an interview. Anooraq Resources is 56.4% owned by Pelawan Investments which secured a reverse takeover of the Canadian firm, effective from September 2004. As such, a deal with Anooraq Resources constitutes a part of Anglo Platinum’s empowerment strategy. Leplats produced 112,100 equivalent refined platinum ounces in Anglo Platinum’s 2005 financial year, a 5.6% decline on production in the 2004 financial year owing to an unprotected contractor strike. The mine is situated in the north-east part of the Bushveld in South Africa’s North West province. Adjacent to the mine is the Ga-Phasha property which is currently the subject of a 50:50 joint venture between Anglo Platinum and Plateau Resources. Plateau Resources replaced Pelawan Investments following Pelawan’s reverse takeover of Anooraq Resources in 2004. Ga-Phasha has contained total mineral resources (platinum, palladium and gold) of about 12 million ounces, according to Anglo Platinum’s 2005 annual report. A market source said there was no final sign off on the deal between Anglo Platinum and Anooraq Resources, partly owing to a complexity raised by Anglo Platinum’s intention to claim empowerment points by selling ‘ounces in the ground’ rather than just units of production. The minerals and energy department is therefore scrutinising the deal. Commenting on the proposed listing, Motsisi said there were no immediate plans to raise capital. Rather, Pelawan Investments had undertaken to complete a listing in South Africa shortly after the reverse takeover of Anooraq in order to comply with Reserve Bank regulations. “It’s just a compliance issue,” he said.Free news alerts: click here to subscribe
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