ANGLO PLATINUM AND THE DEPARTMENT OF MINERALS AND
ENERGY REACH AGREEMENT ON MINING AUTHORISATIONS
Anglo Platinum and the Department of Minerals and Energy ("the Department") have
been engaged in discussions since October 2000 to restructure Anglo Platinum`s
mineral rights portfolio to enable it to expand its production in response to
Platinum market demand expectations. In December 2000 agreement was reached
whereby Anglo Platinum released a number of farms on the Eastern Limb of the
Bushveld Complex to the Department. Since that time and in anticipation of the
new Minerals Bill, Anglo Platinum and the Department have been in discussions
intended to meet both the Department`s objectives in respect of Black Economic
Empowerment and Anglo Platinum`s objectives of security of tenure of its current
operations and the development of expansion projects.
The objectives of both parties have now been met. Agreement has been reached in
terms of which six of Anglo Platinum`s applications for mining authorisations
will be processed by the Department - four for existing operations and two in
respect of expansion on the Twickenham and Der Brochen project areas.
In terms of the agreement two 50:50 joint ventures with Black Economic
Empowerment groupings will be established, one each on Twickenham and Der
Brochen, on portions of the project areas identified as being able to support
an independently managed stand alone operation. Participation by the BEE
groupings will be facilitated by their contribution of certain farms to the
joint ventures. Anglo Platinum will independently own (100%) and develop the
remainder of the Twickenham and Der Brochen project areas.
The requirements for BEE in respect of existing operations will remain governed
by the new bill and associated mining charter when finalised.
Anglo Platinum is therefore pleased to confirm that implementation of this
agreement will permit the announced expansion programmes, at a cost of
approximately R20 billion and creating 13 000 new jobs, to proceed as soon as
mining authorisations in terms of the agreement have been issued by the
Department.
Anglo Platinum has to date successfully negotiated significant Black Economic
Empowerment initiatives with Mvelaphanda Platinum and African Rainbow Minerals
and is looking forward to developing further Black Economic Empowerment
partnerships in terms of this agreement.
For further information, please contact
Mike Mtakati
(011) 373-6865
083 455 7887
7 August 2002
Date: 07/08/2002 04:10:00 PM Produced by the JSE SENS Department
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