| Wed 12 Nov 2008, 11:37 | | BRR - Braemore Resources Plc - Secures Offtake Agreements With Anglo Platinum |
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BRE
BRE
BRR - Braemore Resources Plc - Secures Offtake Agreements With Anglo Platinum
And Northam Platinum
BRAEMORE RESOURCES PLC
(A company incorporated in England and Wales with Registration Number 5350550)
(South African registration number: 2008/013973/10)
Share code on the JSE Limited: BRE
Share code on AIM: BRR ISIN: GB00B06GJQ01
("Braemore" or "the Company")
SECURES OFFTAKE AGREEMENTS WITH ANGLO PLATINUM AND NORTHAM PLATINUM
Braemore Resources Plc ("Braemore" or "the Company") announces the securing of
two key off-take agreements which will guarantee platinum group metal ("PGM")
concentrate feed supply to the recently-upgraded 3.2MW smelter operating in
Johannesburg, South Africa. The agreements are with Anglo Platinum and Northam
Platinum respectively, with the Anglo Platinum agreement based on a short-term
contract. The agreements contract out Braemore`s total installed smelting
capacity on commercial terms.
As of the end of October 2008 the 3.2MW smelter furnace was fully commissioned
and, following a planned 24-hour shutdown for inspection on 15th November, will
operate at maximum capacity. As previously announced, the new ConRoast smelter
is capable of producing up to 70,000 PGM ounces per annum, depending on feed
grade, in a more cost-effective and environmentally-responsible manner than
traditional smelting complexes.
Leon Coetzer, Braemore`s CEO, commented:
"The conclusion of these agreements brings further certainty to our strategy to
become a PGM producer, and takes Braemore a step further towards establishing
the first independent, black-empowered smelter in South Africa. The utilisation
by these major producers of Braemore`s expanded smelter to process high chrome
concentrates is a significant endorsement of the ConRoast technology. Northam
Platinum produces limited quantities of a high chrome content PGM concentrate
and this technology will increase their operational flexibility."
About Anglo Platinum
The Anglo Platinum group is the world`s leading primary producer of platinum
group metals. Anglo Platinum Limited is listed on the JSE Limited and has a
secondary listing on the London Stock Exchange.
The Group`s main operating mines include Rustenburg Platinum Mines` ("RPM")
Rustenburg Section, Amandelbult Section and Union Section (85% owned), as well
as Potgietersrust Platinums Limited ("PPRust") (now Mogalakwena Section),
Twickenham and Lebowa Platinum Mines Limited ("LPM").
The Group is also in joint ventures and associations with: African Rainbow
Minerals Platinum, a historically disadvantaged South African ("HDSA") mining
company, to operate the Modikwa Platinum Mine; Royal Bafokeng Resources, an HDSA
partner, over the combined Bafokeng-Rasimone Platinum Mine ("BRPM")/ Styldrift
properties; the Bakgatla-Ba-Kgafela traditional community who hold a 15% share
in Union Mine; Lonmin Platinum and HDSA partners, the Bapo Ba Mogale tribe and
Mvelaphanda, over the Pandora PGM reserves; Xstrata to operate the Mototolo Mine
and has joint venture agreements with Aquarius Platinum (South Africa), covering
the shallow reserves of its Kroondal and Marikana mines contiguous to RPM
Rustenburg Section.
The Group`s smelting and refining operations are wholly owned and situated in
South Africa. These operations treat concentrates and matte from subsidiaries
and from joint ventures.
About Northam Platinum
Northam Platinum Limited, the JSE-listed company, wholly owns and operates the
cash-generative Northam platinum mine and metallurgical complex on the western
limb of the South African Bushveld Complex, and owns 100% of the world class
103Moz-resource Booysendal platinum asset. The company has a combined resource
base of 133Moz (9.2 Moz in the measured resource category), which provides the
potential for mining operations in excess of 50 years. As an independent, fully
integrated PGM producer, Northam has full control over the entire beneficiation
stream of its metals.
For further information please visit our website at www.braemoreresources.com or
contact:
Braemore Resources Plc
Leon Coetzer
Chief Executive Officer +27 11 875 6540
WH Ireland: (Nomad and joint broker)
James Joyce +44 207 220 1666
Mirabaud Securities: (Joint broker)
Rory Scott + 44 207 878 3360
Qinisele Resources: (RSA Corporate advisers)
Dennis Tucker +27 82 492 4957
Russell and Associates: (RSA Public relations)
Nicola Taylor or Charmane Russell +27 11 880 3924
Parkgreen: (UK Public relations)
Sue Scott +44 207 933 8780
Sasfin Capital: (RSA Corporate Sponsor)
Sharon Owens +27 11 809 7762
Johannesburg
12 November 2008
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 12/11/2008 11:37:05 Produced by the JSE SENS Department.
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