Incwala Platinum has raised the funds to redeem its Akanani Mining bridge finance.

Incwala Resources is now the owner of 26 per cent stake in Akanani Mining which it purchased in November 2006 for R800 million, since the investment has appreciated in value and is now worth R2 billion.

Zanele Mavuso Mbatha, Incwala Chief Executive Officer, was delighted with the refinancing plan.

"We were able to secure good terms in a tough credit market through hard negotiations and the quality of our assets. It means we are a lot closer to being operational. We will now be hiring people to that end in the next quarter.

"We look forward to working with Lonmin to develop and grow Akanani for our shareholders in the true spirit of broad based empowerment. It's a very exciting time for us now that we are moving ahead so strongly," she added.

Incwala Platinum successfully raised the R900 million from a consortium of local and international banks to refinance its existing preference shares and redeem its stake in Akanani Mining.

The funding was secured against Incwala's 18 per cent equity interest in Lonplats, a subsidiary of Lonmin.

Source:

Incwala Platinum refinances; owns Akanani shareholding outright, 16/04/08
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