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State approves Implats bid for Mvela Posted: Mon, 20 Oct 2008 [miningmx.com] -- The Department of Minerals and Energy (DME) has given its stamp of approval to the proposed acquisition of Mvela Resources (Mvela) and Northam Platinum (Northam) by Impala Platinum (Implats). This was one of the pre-conditions for the Implats offer. It triggered a bout of market speculation that Anglo American and subsidiary Anglo Platinum (AngloPlat) were unhappy with the situation. This was because, if the deal went through, Implats would get control of the Booysendal deposit containing 103 million ounces of platinum group metals (pgm) which previously belonged to AngloPlat. AngloPlat had only parted company with the project to complete the black economic empowerment (BEE) transaction with Mvela/Northam, which was one of two major BEE deals the group had to carry out to achieve the conversion of its existing “old order” mining rights into “new order” rights. Mvela CEO Pine Pienaar told Finweek last week that the deal had been discussed with the DME before its announcement, and that the DME had indicated its support. He added that Mvela was waiting for a letter from the DME confirming that AngloPlat’s empowerment credits were irrevocably secured. Click Here to subscribe to our daily newsletter
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