Angloplat/arm - Joint Announcement Maandagshoek Jo
Anglo American Platinum Corporation Limited
(Incorporated in the Republic of South Africa)
Registration No. 1946/022452/06
("Anglo Platinum")
and
ARM Mining Consortium Limited
(Incorporated in the Republic of South Africa)
Registration No. 2001/001997/06
("ARM")
Joint announcement - Maandagshoek joint venture
Anglo Platinum has previously announced the development of a platinum group
metals mine on the farms Maandagshoek, Driekop, Winterveld, Hendriksplaats
and Onverwacht on the Eastern Limb of the Bushveld complex to exploit the
Merensky and UG2 reefs. It was also stated that mining of these properties
would be undertaken in cooperation with a Black Economic Empowerment
consortium.
Negotiations with ARM as leader for such consortium have now been concluded
and an agreement has been reached in terms of which the parties will
participate equally in a joint venture to turn the abovementioned properties
to account.
The parties will each provide half the estimated R1,35 billion capital cost
of the mine (2000 money terms) which will produce annually some 162 000
ounces of platinum and create approximately 1 500 new jobs.
The joint venture agreement is subject to the fulfillment of certain
suspensive conditions which are expected to be fulfilled by the year end.
JOHANNESBURG
21 August 2001
Sponsor
Merrill Lynch
Smith Borkum Hare
Merrill Lynch South Africa (Pty) Ltd
Registration No. 1995/001805/07
Member of the JSE Securities Exchange South Africa
Attorneys for Anglo Platinum
DENEYS REITZ
ATTORNEYS
Attorneys for ARM
BOWMAN
GILFILLAN
BOWMAN GILFILLAN INC.
Reg. no. 1998/021409/21
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