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Anglo Platinum and Aquarius Platinum conclude pool and share venture at Marikana
Anglo Platinum Limited
Incorporated in the Republic of South Africa
Registration No.: 1946/022452/06
JSE Ordinary Share Code: AMS
ISIN: ZAE000013181
JSE Preference Share Code: AMSP
ISIN: ZAE000054474
(`Anglo Platinum`)
Anglo Platinum and Aquarius Platinum conclude pool and share venture at Marikana
Anglo Platinum and Aquarius Platinum are pleased to announce that they have
reached agreement to mine contiguous properties on their respective Rustenburg
and Marikana lease areas. The agreement, similar to the successful Kroondal
venture, 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 portions of the UG2 orebody on Rustenburg
Platinum Mines` (`RPM`) lease area and Aquarius Platinum will provide access to
its Marikana mine and infrastructure. The boundaries of the existing Kroondal
venture will be revised to maximise value from the Marikana venture and leave
the Kroondal venture value, reserve and resource neutral. The new Marikana
venture is subject to a number of conditions precedent including statutory and
regulatory consents and approvals, which are expected to be fulfilled in the
near future, and approval by the boards of both Anglo Platinum and Aquarius
Platinum.
The Parties intend to utilise the existing Kroondal Platinum Mine (`KPM`)
infrastructure and Marikana Mine infrastructure to gain access to the RPM
orebody currently forming part of the Kroondal venture, the Marikana orebody and
a portion of RPM`s orebody in the Townlands area. Production at the new Marikana
venture will be expanded from approximately 70 000 ounces of platinum in
concentrate per annum to approximately 145 000 ounces of platinum in concentrate
per annum during 2007. This will be achieved by utilising the existing KPM
infrastructure and expanding the existing Marikana concentrator. Additional
decline shaft capacity will be established at RPM to maintain production
capacity at the existing Kroondal venture.
The new Marikana venture will have mineable reserves and resources of some 4.4
million PGM ounces (4E) and will have a mine life extending to 2024. The capital
required for the establishment of the venture is under review and is expected to
be approximately R230 million and will be equally funded by Anglo Platinum and
Aquarius Platinum. Construction will begin as soon as possible and the planned
commencement date of the venture is 22 September 2005.
A management committee comprising an equal number of representatives from Anglo
Platinum and Aquarius Platinum will oversee both the reconstituted Kroondal and
the new Marikana ventures, both of which will be managed by Aquarius Platinum.
The mining methods employed by Aquarius Platinum at Kroondal will be used at the
Marikana venture and contractors will perform both mining and concentrating
operations, in line with Aquarius Platinum`s current practice.
Aquarius Platinum will continue to honour its existing Kroondal and Marikana
concentrate off-take agreements with Impala Refining Services Ltd. Smelting,
refining and marketing of additional output from the Marikana venture arising
from RPM`s lease area (some 90 000 Platinum ounces in concentrate in 2006) is to
be performed by Anglo Platinum and is included in Anglo Platinum`s forecast
production target of 2,7 to 2,8 million ounces of refined platinum in 2006.
The Marikana 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
Marikana operation and creating approximately 900 new job opportunities.
13 July 2005
For further information, please contact:
Trevor Raymond Neil Collett
Anglo Platinum Aquarius Platinum
(011) 373-6462 +27 11 202-8629
082 654 8467 +27 (0) 83 653 7114
Nick Bias
Aquarius Platinum
+ 44 7887 920 530
Sponsor
Merrill Lynch South Africa (Pty) Limited
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