Eland Platinum has announced a R70 million deal that will see it increase its stake in the triangular area of its Elandsfontein property.

The mining company has announced that it has chosen to take up its option to acquire a 51 per cent stake in the black economically empowered (BEE) company, Waterberg Portion Property.

Eland announced in a statement to shareholders on the JSE: "The net result of the transaction is that Eland Platinum now holds a 73.9 per cent attributable interest in the triangle."

The consideration paid by Eland represents a cost of R29 for each attributable platinum group metal resource ounce.

Sources:
'Eland pays R70m to raise stake in triangular area' Monday April 2nd
http://www.miningweekly.co.za/article.php?a_id=106688
'Eland gets balance of Triangle Area' Monday April 2nd
http://www.sundaytimes.co.za/Business/Article.aspx?id=427886
'Eland Platinum Acquires Balance of Triangle Area' Monday April 2nd
http://www.fin24.co.za/articles/displaysens.asp?articleid=356267&Ticker=ELD
 
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