Viking`s Supply Agreement With Western Platinum Lt
Viking`s Supply Agreement With Western Platinum Ltd, A Subsidiary Of Lonmin Plc
VIKING INVESTMENT AND ASSET MANAGEMENT LIMITED
(Share Code: VKG ISIN Code: ZAE000015871
("Viking or the company")
VIKING`S SUPPLY AGREEMENT WITH WESTERN PLATINUM LTD, A SUBSIDIARY OF LONMIN PLC
Viking Investments & Asset Management Limited ("Viking") is pleased to announce
that a supply agreement has been signed by its wholly owned subsidiary Viking
Platinum LLC with Western Platinum Ltd (73% of which is held by Lonmin Plc and
27% by Impala Platinum Ltd) for the supply of partly processed catalytic
converter material ("Autocats"), and PGM`s to Western Platinum Limited ("WPL")
for a period of 36 months, with funding augmented by WPL.
WPL has the capacity and technology to produce PGM`s from the Autocats that are
collected and processed by Viking in the USA. The Autocats will be imported from
the USA by Viking, smelted and refined for the extraction of PGM`s by WPL.
There is a lead period of nine months to build up the required volumes to enable
WPL to supply sufficient PGM`s to their current market, after which time Viking
will supply Autocats based on forecasts.
The deal is subject to the necessary regulatory approvals and the obtaining of
SA and USA import and export permits respectively.
Viking feels that this agreement is material to the company`s earnings and is in
line with their current strategy of focusing on the international market for the
extraction of precious metals from used or waste products for resale and the
investment into related industries.
This deal places Viking in a position to actively compete with the largest
player in this market, namely A1, who supply secondary material on a similar
basis to Impala Platinum Ltd.
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 23/12/2002 02:33:00 PM Produced by the JSE SENS Department
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