ELD - Eland Platinum - Eland Platinum Acquires Bal
ELD
ELD
ELD - Eland Platinum - Eland Platinum Acquires Balance of Triangle Area
Eland Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number 2005/029957/06)
Share Code: ELD & ISIN: ZAE000078655
("Eland Platinum")
ELAND PLATINUM ACQUIRES BALANCE OF TRIANGLE AREA
Eland Platinum Holdings Limited (Eland Platinum) announced today (2 April 2007)
that it has exercised its option and acquired the 51% participation right of
Black Economic Empowerment (BEE) company Waterberg Portion Property (Pty) Ltd in
the `triangle` area (Portion 91 of the farm Elandsfontein 440JQ), which forms
part of Eland Platinum`s Elandsfontein Platinum Mine, near Brits.
The 51% was acquired for a total consideration of R70 million, representing a
cost of some R29 per attributable 4E PGM resource ounce. The consideration has
been settled by payment of R50 million in cash and the issue of 285 715 ordinary
shares in Eland Platinum at R70 per share. The shares were issued subject to a
three-year lock-in provision.
The net result of the transaction is that Eland Platinum now holds a 73.9%
attributable interest in the triangle.
Sponsor
Nedbank Capital
Date: 02/04/2007 08:59:52 Produced by the JSE SENS Department.
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