Anglo Platinum empowerment progress spotlighted 11th August 2006
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Concerns over Anglo Platinum's (Angloplat's) empowerment deals have been fuelled following remarks made by the minerals and energy department (DME).
The department's director general, Sandile Nogxina, insisted that Angloplat should spread the wealth in its larger units, according to Miningmx.com.
Analysts have been predicting problems if the world's largest platinum producer fails to empower its three key operations, Rustenburg, Amandelbult and PPRust.
"We don't want to encourage a situation where empowerment exists in a mine that has a short life of mine, or is less profitable," Mr Nogxina told the website.
The department's director general, Sandile Nogxina, insisted that Angloplat should spread the wealth in its larger units, according to Miningmx.com.
Analysts have been predicting problems if the world's largest platinum producer fails to empower its three key operations, Rustenburg, Amandelbult and PPRust.
"We don't want to encourage a situation where empowerment exists in a mine that has a short life of mine, or is less profitable," Mr Nogxina told the website.
Mining companies are required to have 26 per cent black economic empowerment equity holdings in their businesses by 2014 in order to legally qualify for new order mining rights. Angloplat's current empowerment equity is estimated to be at 19 per cent.
Last month, a JP Morgan analyst, Steve Shepherd, commented: "As we have stated many times in the past, we do see something of a specific risk at Angloplat in this context, on the basis that the group's three big profit generators have no HDSA (historically disadvantaged South African) ownership."
Angloplat recently predicted full year output of 2.7 to 2.8 million ounces of refined platinum, compared to 2.45 million in the 2005 financial year.
The company's PPRust North expansion project is expected to increase platinum output by 230,000 ounces per year by 2009.
Ÿ Adfero Ltd
Angloplat recently predicted full year output of 2.7 to 2.8 million ounces of refined platinum, compared to 2.45 million in the 2005 financial year.
The company's PPRust North expansion project is expected to increase platinum output by 230,000 ounces per year by 2009.
Ÿ Adfero Ltd
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