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The deal conforms with all our BEE requirements - Izak Marais, Sallies
In an interview on SAfm @ 18:00 on Tuesday, 28 February 2006
[miningmx.com] -- FLUORSPAR miner Sallies' deal with African Renaissance Investments (ARI) will cover all of Sallies BEE requirements said the company's CEO, Izak Marais.
“The deal does indeed conform with all our BEE requirements,” said Marais, who was speaking on the week nightly business, show broadcast on SAfm.
"The deal sees both Sallies and ARI contributing their shares in the assets and liabilities of Sallies and its subsidiaries to the joint venture," Sallies said in a statement on Tuesday.
Sallies will hold 70% of the joint venture and ARI, a first generation black empowerment company, the remainder.
Marais is enthusiastic about the future of the venture. “We believe that in the future value will be added to the deal,” he said.
The transaction is dependent on a number of conditions being met by not later than the end of June this year, including the
granting of new order mining rights for the Witkop Fluorspar Mine.
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