Anglo American Platinum Corporation Limited - Bafo
ANGLO AMERICAN PLATINUM CORPORATION LIMITED
Registration No 1946/022452/06
JSE CODE : AMS
ISIN Code: ZAE000013181
AND
ROYAL BAFOKENG NATION
BAFOKENG RASIMONE JOINT VENTURE
On 31 July 2001 Anglo Platinum and the Royal Bafokeng Nation (RBN) announced
that in principle, agreement had been reached to form a 50:50 Joint Venture to
mine the Boschkoppie and Styldrift farms owned by Anglo Platinum and the Royal
Bafokeng Nation respectively, near Rustenburg in the North-West Province.
The parties are pleased to announce that the Joint Venture Agreement has been
concluded and that this empowerment transaction has resulted in the joint
ownership of a R4,0 billion platinum mine.
In terms of the agreement, Anglo Platinum will contribute the mineral reserves
on the farm Boschkoppie and the Royal Bafokeng will contribute the mineral
reserves on the adjacent Styldrift farm to the Joint Venture. The Royal
Bafokeng will further purchase half of the mining infrastructure invested at the
Bafokeng Rasimone Platinum Mine (BRPM). The workings at BRPM will be used to
gain access to the farm Styldrift. In addition to the existing infrastructure, a
new decline shaft and a 230 000 tons per month concentrator capacity upgrade
will allow the Joint Venture to attain steady state production anticipated at
485 000 ounces of refined platinum per annum some 5 years after commencement of
the Joint Venture.
The conclusion of the Joint Venture Agreement is subject to various conditions
precedent which are expected to be fulfilled before year-end.
For further information, please contact
Mike Mtakati (Anglo Platinum) Steve Phiri (Royal Bafokeng Administration)
(011) 373-6865 (014) 566-1287
083 455 7887 082 371 6136
Johannesburg
12 August 2002
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 12/08/2002 02:17:22 PM Produced by the JSE SENS Department
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