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AMS AMSP
ANANP
Anglo Platinum - BEE transaction with the Bakgatla-Ba-Kgafela
Anglo Platinum Limited
Registration number: 1946/022452/06
JSE codes : AMS; AMSP
ISIN : ZAE000013181; ZAE000054474
("Anglo Platinum")
ANGLO PLATINUM BEE TRANSACTION WITH THE BAKGATLA-BA-KGAFELA
Anglo Platinum is pleased to announce that it is at an advanced stage of
negotiating a BEE transaction which if successfully concluded will see
the Bakgatla-Ba-Kgafela Traditional Community ("the Bakgatla") acquire a
15% interest in Anglo Platinum"s Rustenburg Platinum Mines" Union section
("Union") and interests in the prospecting rights of the Rooderand 46 JQ,
portion 2 ("Rooderand") and Magazynskraal 3 JQ ("Magazynskraal")
properties.
In terms of the transaction Anglo Platinum intends to:
- convert an existing royalty agreement with the Bakgatla over a
portion of the Union mining area which, in addition to the payment
by the Bakgatla of a cash consideration of R420 million funded by
commercial debt, will result in the Bakgatla holding a 15% equity
stake in the Union mine and concentrator complex,
- cede a 26% interest in Magazynskraal and establish an exploration
joint venture which will afford the Bakgatla the opportunity to
increase their participation interest in the property by funding or
facilitating the exploration thereof, and
- cede a 55% interest in the prospecting rights of Rooderand to the
Bakgatla which will be used as security for a R45 million loan to be
made by Anglo Platinum to the Bakgatla to repay land debt and fund
community projects.
The Bakgatla-Ba-Kgafela Traditional Community comprises some 350 000
people resident in the greater Pilanesburg area adjacent to Union and
comprise approximately 47% of Union"s labour force. The Bakgatla hold
mineral interests over a portion of the Union mining area and have
received royalty payments from Anglo Platinum since 1982. The Bakgatla
are the beneficial owners of portion 1 of Rooderand 46 JQ and have an
existing exploration joint venture with Barrick Gold Corporation on
properties contiguous to Magazynskraal.
The Bakgatla have convened a members meeting for 25 November 2006 to
consider and ratify the terms of the transaction.
For further information please contact
Trevor Raymond
+27 (0)11 373 6462
+27 (0) 82 6548467
Johannesburg
8 November 2006
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 08/11/2006 02:11:33 PM Produced by the JSE SENS Department
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