Anglo Platinum - Sheba`s Ridge 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")
Sheba`s Ridge Joint Venture
On 2 July 2002, Anglo Platinum and Cluff Mining PLC ("Cluff") announced that in
principle agreement had been reached to establish a Joint Venture to prospect
and potentially develop the Sheba`s Ridge Platinum Project in the Mpumulanga
province. The parties are pleased to announce that the Joint Venture Agreement
has been concluded.
Anglo Platinum holds the rights to 50,33% and Cluff holds 49,67% of the mineral
rights, which constitutes the proposed Joint Venture area. In terms of the
agreement both parties will contribute assets to the Joint Venture and Cluff
will make a payment of US$5 million payable in cash and US$3 million in Cluff
shares to Anglo Platinum resulting in Cluff holding a 65% interest and Anglo
Platinum holding a 35% interest in the Joint Venture. Cluff will continue to
fund the exploration programme. Upon completion of a feasibility study and Cluff
taking the decision to mine, Cluff will make a further payment of US$12,5
million to Anglo Platinum thereby increasing Cluff`s interest in the Joint
Venture to 87,5% and the parties will finalise the terms for Anglo Platinum to
purchase the concentrate produced by the mine.
The conclusion of the Joint Venture Agreement is subject to certain conditions
including the obtaining of the necessary regulatory and statutory consents and
authorisations.
For further information, please contact
Mike Mtakati
(011) 373 6895
083 455 7887
14 February 2003
Sponsor
Merrill Lynch South Africa (Pty) Ltd
Date: 14/02/2003 12:00:00 PM Supplied by www.sharenet.co.za
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