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Anglo American Platinum Corporation Limited - Announcement - Pandora Joint
Venture
Anglo American Platinum Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number 1946/022452/06
ISIN: ZAE000013181
JSE Code: AMS
("Anglo Platinum")
ANNOUNCEMENT - PANDORA JOINT VENTURE
On 9 April 2001 Anglo Platinum and Lonmin Platinum ("Lonmin") announced that in
principle agreement had been reached to establish a 50:50 Joint Venture (the
"Pandora Joint Venture") to exploit UG2 Reef in and upon certain portions of the
farms Hartebeespoort, Roodekopjes and Uitvalgrond near Brits in the North West
Province of South Africa. The parties also indicated their intention to
incorporate a Historically Disadvantaged South African ("HDSA") component into
the venture.
The parties are pleased to announce that the Joint Venture Agreement has been
concluded and incorporates the Bapo Ba Mogale Tribe and Northam Platinum with a
shareholding which the parties expect should comply with the requirements of the
Charter. The joint venture is subject to certain suspensive conditions
including statutory consents and approvals which are expected to be fulfilled in
the near future.
The parties will co-operate as participants in the Joint Venture and intend to
utilise the existing infrastructure at Eastern Platinum Mine ("EPM") to gain
quick access to the Mineral Rights Area adjacent to EPM. The capacity of the
existing EPM concentrator has been expanded by an additional 120 000 tons of ore
per month. A new 200 000 ton per month concentrator will be constructed on the
Pandora Mine area, adjacent to EPM, and three decline shaft systems will be
installed, all of which will enable the Joint Venture to attain full production
of 3,6 million tons per annum some six years after commencement. The Pandora
Mine will have mineable UG2 reserves and resources in excess of 130 million tons
and is expected to produce 230 000 ozs of refined platinum and 110 000 ozs of
refined palladium per annum over its expected life of 30 years. Each party will
be responsible for further downstream smelting, refining and marketing of their
share of the concentrate from the Pandora Mine.
Lonmin Platinum will be appointed as manager of the Joint Venture whose affairs
will be administered by an Executive Committee comprising representatives from
each of the parties.
The capital expenditure of the Joint Venture has been estimated at R2,836
billion (1 July 2002 money terms). In order to make good the difference in value
of mineral rights and infrastructure contributed by each party to the Joint
Venture, capital will initially be contributed as follows (in 1 July 2002 money
terms):
Lonmin : R 919,5 million
Anglo : R 613,0 million
Platinum
Bapo : R 85,1 million
Northam : R 85,1 million
TOTAL : R 1 702,8 million
Thereafter, capital will be contributed by the parties in proportion to their
participation interests. It is estimated that approximately 5000 jobs will be
created over a period of time through this transaction.
The Joint Venture offers significant synergies to both Anglo Platinum and Lonmin
Platinum, increasing the output of platinum group metals in a capital and cost
efficient manner.
For further information, please contact:
Mike Mtakati Peter Ledger
Anglo Platinum Lonmin Platinum
(011) 373-6865 (011) 516-1311
083 455 7887 083 657 2311
13 February 2003
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 13/02/2003 05:00:00 PM Produced by the JSE SENS Department
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