Release Date: 17/08/2004 17:51:05
MVELAPHANDA /DE BEERS - JOINT STATEMENT BY DE BEERS AND MVELAPHANDA RE
2004/08/17 17:51:05
MVL MVELAPHANDA /DE BEERS - JOINT STATEMENT BY DE BEERS AND MVELAPHANDA RESOURCES LIMITED MVELAPHANDA RESOURCES LIMITED Reg. No. 1980/001395/06 (Incorporated in the Republic of South Africa) Share code: MVL ISIN-code ZAE000050266 DE BEERS CONSOLIDATED MINES LIMITED Reg. No.1888/000007/06 JOINT STATEMENT BY DE BEERS AND MVELAPHANDA RESOURCES LIMITED (`MVELA RESOURCES`) NDOWANA EXPLORATION (PTY) LIMITED (`NDOWANA`) - JOINT VENTURE FOR PRIMARY KIMBERLITE EXPLORATION IN LIMPOPO AND MPUMALANGA PROVINCES De Beers and Mvela Resources today announced that they are in the process of amending the Ndowana shareholders agreement, to provide for an equity participation of 51% for Mvela Resources and 49% for De Beers in respect of areas covered by State-owned mineral rights. In terms of the Minerals and Petroleum Development Act 2004, holders of old order mineral rights have the sole and exclusive right to apply for exploration permits during the twelve months commencing 1 May 2004. Government recently announced that during this period, it would require applications for exploration permits in respect of State-owned mineral rights toreflect a Black Economic Empowerment component of not less than 51%. De Beers executive Bill Mckechnie said `De Beers supports Government`s principleof increased involvement by historically disadvantaged South Africans in South Africa`s mining industry. The Act is necessary for this industry and for the country, and through this joint venture we hope to bring new discoveries to account using our combined skills and resources in our exploration programmes.` Mvelaphanda executive Clyde Johnson said `We welcome the opportunity to increaseour participation in this joint venture. This is a truly South African joint venture and we believe that we are working with the best diamond geologists in the world. We are optimistic that we will bring one or more discoveries to account in this promising region.` ENQUIRIES: De Beers Mvelaphanda Resources Abel Madonsela James Wellsted Tel: (011) 374 6854 Tel: (011) 325 5323 Mobile: 83 554 8777 Mobile: 083 453 4014 abel.madonsela@debeersgroup.com james@mvelares.co.za
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