| Thu 11 Mar 2004, 17:53 | | Announcement |
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Northam Platinum Limited - Announcement
NORTHAM PLATINUM LIMITED
Registration number 1977/003282/06
Incorporated in the Republic of South Africa
Share Code: NHM ISIN Code: ZAE000030912
("the company")
ANNOUNCEMENT
Further to the joint announcement, dated 12 February 2004, by the company and
Mvelaphanda Resources Limited ("Mvela Resources") regarding the proposed
acquisition, by the company from Mvela Resources, of a 50% Joint Venture
interest ("the JV interest") in the Booysendal Platinum Project, the company
announces that Messrs A J Wright and K W Maxwell, both of whom have extensive
experience in the mining industry, have been appointed, together with Mr M E
Beckett, a director of the company, to serve on an independent sub-committee of
the board to consider the terms pertaining to the proposed acquisition of the JV
interest and to advise the board in this regard..
Mr Alan Wright, previously Chief Executive Officer of Gold Fields of South
Africa Limited, is a former Chairman of Northam and is currently the Deputy
Chairman of Gold Fields Limited.
Mr Ken Maxwell, who previously held the positions of Managing Director of
Rustenburg Platinum Mines Limited, Chairman of the JCI Gold Division and
President of the Chamber of Mines of South Africa, is currently a Non-Executive
Director (and former Chairman) of Anglovaal Mining Limited.
The JV interest includes 38,4 million attributable resource ounces on the UG2 on
and 23,8 million attributable resource ounces on the Merensky horizon. The
proposed consideration, which is to be settled by a combination of cash, new
Northam ordinary shares and Northam deferred ordinary shares, is equivalent to
R11,99 (US$1,74 at an exchange rate of R6,90 per US$) per UG2 resource ounce and
R7,38 (US$1,07 at an exchange rate of R6,90 per US$) per combined Merensky and
UG2 resource ounce.
Johannesburg
11 March 2004
Sponsor
Barnard Jacobs Mellet Corporate Finance
(Pty) Limited
Date: 11/03/2004 05:07:02 PM Produced by the JSE SENS Department
