Anglo Platinum has announced a series of deals that will significantly increase its black economic empowerment (BEE) ownership.

The world's largest platinum miner has revealed it is to sell a 51 per cent stake in Lebowa Platinum as well as a one per cent stake in its Ga Phasha operation to Anooraq resources in a R3.6 billion arrangement. It is also set to sell a 50 per cent share in its Booysendal project to Mvela Resources, which will also receive a 22.4 per cent interest in Northam Platinum in a R4 billion deal.

Overall, Anglo Platinum's BEE transactions will raise R35 billion as the company looks to ensure it is in compliance with South Africa's BEE regulations.

The deals will also give significant areas of platinum resources to Anooraq and Mvela resources, with the two companies owning the fifth and third largest platinum resources in South Africa respectively once the transactions are completed.

"This is a truly historic black economic-empowerment transaction which will fundamentally transform the South African platinum mining industry through the creation of two major independent historically disadvantaged South African managed and controlled PGM producers," announced Cynthia Carroll, Chief Executive of parent company Anglo American.

Sources:

Anglo Platinum, Anooraq Resources and Mvela Resources BEE transactions facilitate meaningful and sustainable empowerment in the platinum industry, 4/09/07
http://www.angloplatinum.com/

Angloplat unveils long-awaited empowerment deals, 4/09/07
http://www.miningweekly.co.za/article.php?a_id=116089

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