NORTHAM PLATINUM LIMITED - PANDORA JOINT VENTURE
NORTHAM PLATINUM LIMITED
Registration number 1977/003282/06
Incorporated in the Republic of South Africa
JSE Share Code: NHM
ISIN: ZAE000030912
("Northam" or "the company")
PANDORA JOINT VENTURE
In July 2002, prior to the promulgation of the Mining Charter, Anglo American
Platinum Corporation Limited ("Anglo Platinum") offered Northam a 5% interest in
the proposed Pandora Joint Venture ("Pandora") between Anglo Platinum and
Lonmin"s Eastern Platinum Limited ("Eastern Platinum"). The Bapo Ba Mogale was
offered a 5% interest in Pandora by Eastern Platinum to take the total
participation by Historically Disadvantaged South Africans ("HDSA"s") in Pandora
to 10%.
This offer was accepted and a Joint Venture Agreement was concluded which was
contingent upon the approval of the regulatory authorities and more particularly
the Department of Minerals and Energy ("DME").
The DME subsequently required that the total HDSA participation in Pandora
should be increased from 10% to 15%. The DME also indicated that it was of the
view that Northam would not be recognised as an HDSA controlled company for the
purposes of the Minerals and Petroleum Resources Development Act as less than
the minimum required percentage of the company"s issued shares was held by HDSA
entities. Mvelaphanda Resources Limited ("Mvela Resources"), a recognised HDSA
entity and one of Northam"s major shareholders, currently holds 22.3% of
Northam"s issued shares.
To meet the DME"s requirements, Anglo Platinum accepted a proposal by the
company and Mvela Resources that the Joint Venture Agreement be amended, so as
to vest in Mvela Resources, a 7,5% interest in Pandora on terms to be agreed.
This arrangement is subject to the condition that as soon as the HDSA stake in
Northam is in compliance with the requirements of the DME, Mvela Resources will
redeploy the 7.5% interest in Pandora at cost to Northam or to Northam"s
nominee.
Johannesburg
23 March 2004
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
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