Platinum miner Implats confirmed it will sell a nine per cent stake to a black economic empowerment (BEE) group.

Following an announcement in November from the company that it was in the final stages of a deal, Implats has now signed a Memorandum of understanding with Royal Bafokeng Resources Holdings (RBR), a wholly-owned subsidiary of the Royal Bafokeng Nation Development Trust.

The agreement will see RBR take a nine per cent stake in the platinum giant as the company looks to increase its BEE partnerships in an effort to reach the South African government's target for BEE groups to own at least a 15 per cent share in every mining company by 2009.

In a separate transaction, Implats announced that it is to enable the acquisition of three per cent of its fully diluted direct equity by what it described as "a broad base of staff" working at the company's South African subsidiaries.

Implats is to sell a 49 per cent stake in its refining services company to facilitate the nine per cent holding in the overall company by RBR, in a deal said to be worth around R3.4 billion.

The miner believes that these moves, together with its earlier sale of its Lonmin stake, should be sufficient to comply with the BEE requirements of the South African government.


Ÿ Adfero Ltd