Viking Investment And Asset Management Limited -Co
VIKING INVESTMENT AND ASSET MANAGEMENT LIMITED
(Registration Number: 1998/04440/06)
(Share Code: VKG ISIN Code: ZAE000015871
("Viking or the company")
Viking Platinum signs R1,2 billion 3-Year ($135m) agreement with Western
Platinum Ltd
Viking Investments and Asset Management Ltd is pleased to announce that through
it`s wholly owned subsidiary, Viking Platinum LLC, it has entered into a 36
month supply agreement with Western Platinum Ltd (WPL), a 73% held subsidiary
of Lonmin Plc. Lonmin is the worlds third largest producer of Platinum Group
Metals ("GMs").
The basis of the agreement is that Viking will sell catalytic converter material
containing PGMs to WPL. WPL will smelt and refine the material and be free to
market the metals derived there from.
The agreement allows for a build-up in deliveries starting in March 2003 with
3500 ounces per month of PGM`s rising over a nine month period to 8500 ounces
per month of PGM`s. The agreement is non-exclusive.
This agreement is likely to be material to Viking`s earnings, contributing up to
$4m PAT per annum once the 8500 ounce level has been obtained. The secondary PGM
market is seen as a major growth area in the next 5 years and Viking aims to
become the lead purchaser and processor of secondary PGM material out of the US
and Europe.
Date: 05/02/2003 09:07:17 AM Produced by the JSE SENS Department
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