Anglo Platinum And Cluff Mining Plc Reach Agreemen
Sheba's Ridge
Anglo American Platinum Corporation Limited
Registration No 1946/022452/06
JSE CODE : AMS
ISIN : ZAE000013181
MEDIA RELEASE
ANGLO PLATINUM AND CLUFF MINING PLC REACH AGREEMENT ON JOINT VENTURE AT
SHEBA'S RIDGE
Anglo Platinum is pleased to announce that it has reached in principle
agreement with Cluff Mining plc ("Cluff") to establish a joint venture to
prospect and potentially develop the Sheba's Ridge platinum project in the
Mpumalanga province. Anglo Platinum holds the rights to 50,33% and Cluff
holds the rights to the remaining 49,67% of the mineral rights, which
constitutes the proposed joint venture area. In terms of the agreement both
parties will contribute assets to the joint venture and Cluff will make a
payment of US$5million payable in cash and US$3 million in Cluff shares to
Anglo Platinum resulting in Cluff holding a 65% interest and Anglo Platinum
holding a 35% interest in the joint venture. Cluff will continue to fund the
exploration programme. Upon completion of a bankable feasibility study
Cluff will make a further payment of US$12,5 million to Anglo Platinum
thereby increasing their interest in the joint venture to 87,5% and the
parties will finalise the terms for Anglo Platinum to purchase all
concentrate produced by the mine.
The conclusion of the joint venture agreement will be subject to certain
conditions including the obtaining of the necessary regulatory and statutory
consents and authorisations and Board approval.
Enquiries should be directed to:
Mike Mtakati
(011) 373-6865
Cell: 083-455-7887
Johannesburg
02 July 2002
Date: 02/07/2002 10:00:20 AM Produced by the SENS Department
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