Anooraq Resources has officially confirmed that it has concluded a R3.6 billion deal with Anglo Platinum that gives the platinum junior a 51 per cent stake in Lebowa Platinum as well as the option to buy the Polokwane smelter.

Tumelo Motsisi, Acting President and Chief Executive Officer of Annoraq Resources described the deal as a "win-win for both parties".

"It represents a solid foundation for Anooraq to fulfil its objective of becoming a significant PGM producer and creates a good platform for enhancing our existing relationship with Angloplat," he explained.

Meanwhile, Anooraq Resources has also said that it entered into a five-year concentrate offtake agreement with an option to buy an interest in the Polokwane smelter, Mining Weekly reports.

"In seeking to facilitate Anooraq's ambition of becoming a 'mine-to-market' company, Angloplat has extended its option to acquire an ownership interest in the Polokwane smelter, which ownership interest would be relative to Anooraq's concentrate feed into the smelter from time to time, and subject to certain conditions precedent," Anooraq Resources said.

Source:

Anooraq concludes R3,6bn Angloplat deal, 15/04/08
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