Anooraq Resources has announced transaction agreements with Anglo Platinum, meaning it now has a majority interest in Lebowa Platinum Mines.

This transaction will help Anooraq to become a fully-fledged platinum producer rather than an exploration and development company.

Anooraq Resources will acquire the control of an operating PCG mine at Lebowa as well as a significant portfolio of projects adding to several projects on the Bushveld Complex already run by the firm.

Anooraq Resources will support the growth plan announced by Anglo Platinum which includes various replacement and expansion projects.

A two-stage plan has been devised with stage one taking place until 2013 and seeing an expansion of the Merensky and UG2 shafts to 245,000 tpm with production at Merensky being increased to 120,000 tpm.

The second stage takes place from 2016 onwards and will see the further expansion of UG2 production to 225,000 tpm.

The transaction must be approved by the South African Competition Commissions.

Source:

Anooraq Concludes Definitive Agreements With Anglo Platinum for the Acquisition of a Controlling Interest in Lebowa Platinum Mines & Their Current JV Projects: Ga-Phasha, Boikgantsho & Kwanda, 14/04/08

http://www.msnbc.msn.com/id/24117147/