| Fri 11 Dec 2009, 9:00 | | AMSP - Anglo Platinum Limited - Bafokeng Rasimone Platinum Mine Restructuring |
|
AMS AMSP
ANANP
AMSP - Anglo Platinum Limited - Bafokeng Rasimone Platinum Mine Restructuring
Unconditional
Anglo Platinum Limited
(incorporated in the Republic of South Africa)
(Registration No. 1946/022452/06)
JSE Share Code: AMSP ISIN: ZAE000054474)
("the Company")
BAFOKENG RASIMONE PLATINUM MINE RESTRUCTURING UNCONDITIONAL
This announcement follows the agreement reached between Anglo Platinum Limited
("APL") and the investment arm of the Royal Bafokeng Nation, Royal Bafokeng
Holdings "(RBH") to restructure the Bafokeng Rasimone Platinum Mine ("BRPM")
Joint Venture, which was announced on 23rd October 2008.
RBH and APL are pleased to announce that the transaction whereby Royal
Bafokeng Resources (Pty) Limited ("RBR") obtains a majority interest in the
BRPM JV, has become unconditional and therefore effective on the 7th December
2009. The purpose of the restructuring transaction is to create an
independent, listable, broad-based black empowered operating platinum focused
company which will unlock value for its stakeholders through optimized
extraction and growth in the platinum group metals industry.
The BRPM JV restructuring transaction involves a change in the participation
interests of the Joint Venture from that of joint control (50% RBR and 50%
Rustenburg Platinum Mine ("RPM") and managed by APL, to RBR holding a majority
interest (67% RBR and 33% RPM) and operating the Joint Venture. RBR is a
subsidiary of a newly formed company ("NewCo") within the RBH Group of
Companies which has been resourced with an experienced and focussed management
team over the past 12 months.
The management team comprises Nico Muller (previously General Manager of Two
Rivers Platinum) as Chief Operating Officer; Martin Prinsloo (previously Head
of Corporate Finance and Business Development and Acting joint CFO at Anglo
Platinum) as Chief Financial Officer and Mzila Mthenjane (previously
Investment Manager from RBH) as Director: Business Sustainability. Management
control will transfer to NewCo on the 4th January 2010. A brand and name for
NewCo will be announced early in 2010. After transfer of management control to
the new operator (NewCo), RPM and RBR will remain the only partners in the JV.
On the 7th December 2009 RPM exchanged 17% of their interest in the BRPM JV
for a 25% interest in NewCo which is to be listed within twenty four months,
subject to market conditions (until listing APL retains an effective 50%
economic interest).
The BRPM JV produces approximately 180,000 Pt oz per annum and includes the
R2.4 billion Merensky Phase II Project, as well as the 200 000 Pt oz per annum
R8.1 billion (mid-2009 money terms) adjacent Styldrift Project. This operation
has had a successful track record since 2002 under the capable management of
Anglo Platinum.
"We believe," says Niall Carroll (CEO of RBH) "that the enhanced focus of a
dedicated management team supported by strong empowerment credentials and a
solid capital structure should unlock significant sustainable value for all
stakeholders and we look forward to the culmination of our stated intention to
create an independently listed black controlled PGM producer through the
listing of NewCo on the Johannesburg Stock Exchange"
"This marks the fulfilment of Anglo Platinum`s commitment towards facilitating
the creation of an independently controlled and managed, black-empowered
platinum group metals producer and we are excited about our ability to
participate in the future value creation we see coming from NewCo" says
Neville Nicolau (CEO of APL).
CONTACT:
Royal Bafokeng Holdings Anglo Platinum Limited
(Pty) Limited
Spokesperson Mpueleng Pooe Anna Poulter
Telephone 011 530 8034 011 373 6683
Mobile phone 082 894 3801 083 455 7773
11 December 2009
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 11/12/2009 09:00:04 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
