Angloplat and the Royal Bafokeng community signed a R4bn joint venture deal on 12 Aug 02 to mine two farms near Rustenberg with each party contributing R2bn to mine the farms. Anglo would contribute the mineral reserves on the farm Boschkoppie and the Royal Bafokeng would contribute the mineral reserves on the adjacent Styldrift farm. The Royal Bafokeng would also purchase half of the mining infrastructure invested at the mine. It was anticipated that the joint venture would produce 485 000 ounces of refined platinum per annum about 5 years after commencement. While the Bafokeng said that negotiations began before the release of the government's "Mining Bill" and that the deal is a commercial transaction, market sources expect it to bolster Angloplat's empowerment credentials.
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