Anooraq Resources has announced that the conclusion of its proposed empowerment transaction with Anglo Platinum will now be delayed until the first quarter of 2009.

The deal involves Anooraq purchasing a 51 per cent stake in the Lebowa platinum mine and an effective one per cent controlling interest in the Ga-Phasha, Boikgantsho and Kwand ventures, which are currently owned 50-50 with Anglo.

However, the completion of the deal has been put off from the original date of 30th November, in a move which will also see Anglo extend its loan facility to Anooraq by R30 million.

The finer details of the transactions were announced on 14th April, mainly focusing on the development and financing of the Middelpunt Hill UG2 expansion project at Lebowa, which is located in South Africa.

On 23rd October, Anglo confirmed that it would be conducting a review of its current capital projects - including Middelpunt - as a result of the decline in global economic conditions and, subsequently, platinum and PGM prices.

However, both parties have maintained that they are committed to completing the project and will issue an updated statement about its financing in the near future.

Source:
Anooraq announces progress update on empowerment transaction with Anglo Platinum (14/11/08)
http://www.newswire.ca/en/releases/archive/November2008/14/c8634.html