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Anglo Platinum and Aquarius Platinum to jointly mine adjacent Rustenburg and
Kroondal properties
Issuer Long Name: Anglo American Platinum Corporation Limited
Registration No.: 1946/022452/06
Instrument Alpha Code/Ticker Symbol : AMS
ISIN: ZAE000013181
Anglo Platinum and Aquarius Platinum (SA) ("Aquarius Platinum") are pleased to
announce that they have reached agreement to mine contiguous properties on their
respective Rustenburg and Kroondal lease areas. The agreement provides for the
parties to pool their assets, while retaining ownership thereof and to share the
proceeds equally ("the venture"). Anglo Platinum will provide access to a
portion of the UG2 orebody on Rustenburg Platinum Mines" (`RPM") lease area and
Aquarius Platinum will provide access to its existing Kroondal Platinum Mine
(`KPM") lease area and infrastructure. The venture is subject to certain
conditions including statutory and regulatory consents and approvals, which are
expected to be fulfilled in the near future.
The parties intend to utilise the existing KPM infrastructure to gain access to
the RPM orebody down-dip of KPM. Production at KPM will be expanded from
approximately 140 000 ounces of platinum per annum to approximately 280 000
ounces of platinum per annum during 2006. This will be achieved by utilising the
existing KPM infrastructure, constructing an additional 250 000 ton per month
concentrator for completion in 2005 and the establishment of additional decline
shaft capacity at RPM. The venture will have mineable reserves and resources of
69 million tons (57m RPM, 12m KPM) and will have a mine life extending to 2016.
The capital required for the establishment of the venture is under review and is
expected to be in the order of R750 million in 2003 money terms and will be
equally funded by Anglo Platinum and Aquarius Platinum. Construction will begin
as soon as possible and the commencement date of the venture will be 1 November
2003.
A management committee comprising an equal number of representatives from each
party will oversee the operations, which will be managed by Aquarius Platinum.
The mining methods employed by KPM will continue to be used and contractors will
perform both mining and concentrating operations, in line with KPMs current
practice.
Aquarius Platinum will continue to honour its existing KPM lease area
concentrate off-take agreements with Impala Refining Services Ltd and this
obligation has been fixed at a total of 586 000 ounces of platinum over the
remaining life of the KPM operation. Smelting, refining and marketing of all
additional output from the expanded operations is to be performed by Anglo
Platinum. Anglo Platinum"s share of the venture"s capital cost and production is
included in its expansion program to produce at a rate of 3,5 million ounces of
platinum by 2006.
This venture offers significant synergies to both Anglo Platinum and Aquarius
Platinum, increasing the output of platinum group metals in a capital and cost
efficient manner, significantly extending the life of the existing KPM operation
and creating approximately 1 100 new job opportunities.
Johannesburg
9 June 2003
For further information, please contact:
Mike Mtakati Stuart Murray
Anglo Platinum Aquarius Platinum
011 373-6865 011 455-2050
083 455 7887 082 441 0326
Sponsor
Merrill Lynch South Africa (Pty) Ltd
Date: 09/06/2003 11:00:05 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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