| Thu 2 Feb 2012, 15:01 | | AMS - Anglo American Platinum Limited - Media release |
|
AMS
ANANP
AMS - Anglo American Platinum Limited - Media release
ANGLO AMERICAN PLATINUM LIMITED
(formerly Anglo Platinum Limited)
Registration number 1946/022452/06
Share code: AMS
ISIN: ZAE000013181
MEDIA RELEASE- ANGLO AMERICAN PLATINUM LIMITED AND ANOORAQ RESOURCES
CORPORATION ANNOUNCE THE REFINANCING OF ANOORAQ AND THE RESTRUCTURING AND
RECAPITALISATION OF BOKONI
Attention is drawn to the joint announcement dated February 2, 2012 in which
Anglo American Platinum Limited ("Amplats") and Anooraq Resources Corporation
("Anooraq") (TSXV: ARQ; NYSE Amex: ANO; JSE: ARQ) (collectively, "the
Parties") announced that the Parties have agreed to refinance Anooraq and to
restructure and recapitalise the Bokoni group of companies ("Bokoni group")
("the transaction").
Amplats will, through a series of related transactions, acquire the whole of
the Boikgantsho project and the eastern section of the Ga-Phasha project. On
implementation of these transactions the effective net consideration of R1.7
billion received by Anooraq will be applied to reduce its approximately R3.0
billion debt owing to Amplats. After taking account of an interest stand-
still agreement worth R300 million, Anooraq`s remaining debt of approximately
R1.0 billion will be consolidated into a new debt facility ("Consolidated
Debt Facility") with low interest rates in the medium term. The interest
rates will increase over the loan period in line with the anticipated
increase in Anooraq`s cash flow, following a period of capital investment.
Following the finalisation of a feasibility study, the Bokoni Platinum Mine
(51% Anooraq and 49% Amplats) will be significantly expanded to bring the
Middelpunt Hill Delta 80 UG2 Expansion Project into earlier production.
Amplats will provide Anooraq with an additional amount of up to R1.3 billion
under the Consolidated Debt Facility to finance Anooraq`s attributable
portion of these expansion project costs and the construction of a new UG2
concentrator plant at Bokoni Platinum Mine.
The Parties have also agreed on a new operating protocol for the management
of the Bokoni operations, which will increase Amplats` active involvement in
areas of the operations relating to mining, processing and capital projects
execution. A new Managing Director, Dawid Stander, has also been appointed.
"This transaction provides Amplats with access to mineral properties that
provide synergies with our operations at Mogalakwena and Twickenham. The
refinancing and restructuring position the Bokoni Platinum Mine for expansion
into a substantial and sustainable operation.
The transaction is in line with our commitment to black economic empowerment.
We seek not only to comply with the MPRDA but also to transfer technical,
mining, project execution and management skills to our joint venture
partners. We believe that this is a more sustainable BEE model. Our mining,
process and capital projects teams will become more involved in the day-to-
day running of the Bokoni Platinum Mine in order to facilitate skills
transfer. We recognise that the successful implementation of BEE policies in
the mining industry requires commitment and cooperation between mining
companies, the BEE partners and Government." said Neville Nicolau, Chief
Executive Officer of Amplats.
Commenting on the transaction, Harold Motaung, the Chief Executive of
Anooraq, said, "This transaction lays the foundation for a sustainable future
for Anooraq and a workable growth plan at Bokoni Platinum Mine. We have
worked closely with our partners, Anglo American Platinum, to put the right
team and financial framework in place to facilitate a fully funded and
exciting new growth phase at Bokoni Platinum Mine going forward."
"We are pleased that the parties have made progress with their restructure
plan and look forward to them completing definitive agreements for review by
the regulator. We are encouraged that the transaction supports the objectives
of the MPRDA, read together with the Mining Charter and look forward to
seeing both Anooraq and the Bokoni group realising their full potential as
meaningful and significant participants in the South African PGM sector into
the future" said the DMR.
For further information, please contact:
Mary Jane Morifi, Executive Head: Corporate Affairs
Tel: +27 (0)11 373 6638
Kgapu Mphahlele, Investor Relations
Tel: +27 (0)11 373 6239
Further details on the terms of the restructuring, recapitalisation and
refinancing plan for Anooraq and Bokoni are available on
www.angloamericanplatinum.com.
Anglo American Platinum Limited
Amplats is a member of the Anglo American plc Group and is the world`s
leading primary producer of platinum group metals.
Amplats is a member of the Anglo American plc Group and is the world`s
leading primary producer of platinum group metal producer of platinum group
metals.
Amplats is listed on the Johannesburg Securities Exchange (JSE). Its mining,
smelting and refining operations are based in South Africa. Elsewhere in the
world, the Group is developing Unki Platinum Mine in Zimbabwe and is actively
exploring in Brazil. It has exploration partners in Canada, Russia and
China. Amplats has a number of joint ventures with several historically
disadvantaged South African consortia as part of its commitment to the
transformation of the mining industry.
Amplats is committed to the highest standards of safety and continues to make
a meaningful and sustainable difference in the development of the communities
around its operations.
www.angloamericanplatinum.com
Amplats is listed on the Johannesburg Securities Exchange (JSE). Its mining,
smelting and refining operations are based in South Africa. Elsewhere in the
world, the Group is developing Unki Platinum Mine in Zimbabwe and is actively
exploring in Brazil. It has exploration partners in Canada, Russia and
China. Amplats has a number of joint ventures with several historically
disadvantaged South African consortia as part of its commitment to the
transformation of the mining industry.
Amplats is committed to the highest standards of safety and continues to make
a meaningful and sustainable difference in the development of the communities
around its operations.
www.angloamericanplatinum.com
Anglo American plc
Anglo American is one of the world`s largest mining companies, is
headquartered in the UK and listed on the London and Johannesburg stock
exchanges. Anglo American`s portfolio of mining businesses spans bulk
commodities - iron ore and manganese, metallurgical coal and thermal coal;
base metals - copper and nickel; and precious metals and minerals - in which
it is a global leader in both platinum and diamonds. Anglo American is
committed to the highest standards of safety and responsibility across all
its businesses and geographies and to making a sustainable difference in the
development of the communities around its operations. The company`s mining
operations, extensive pipeline of growth projects and exploration activities
span southern Africa, South America, Australia, North America, Asia and
Europe.
www.angloamerican.com
Johannesburg
2 February 2012
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 02/02/2012 15:01:01 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.
