Anglo Platinum will not lose its black economic empowerment (BEE) credits if Impala Platinum's 'champion' merger goes ahead, it was confirmed yesterday (20th October).

Impala is attempting to push through a R21 billion takeover of Mvelaphanda Resources and Northam Platinum, but there were concerns that Anglo may not retain the credits it received from recent transactions with the two firms.

However, Mvelaphanda has now claimed that the Department of Minerals and Energy (DME) has given them the requisite approval and that Impala can press ahead with due diligence.

A stock exchange news service announcement issued by Mvelaphanda read: "Shareholders of the parties are advised that the DME has reviewed the proposed transaction and confirmed that the implementation of the proposed transaction will not affect the BEE credits which have accrued to Anglo Platinum."

The statement also confirmed that other pre-conditions will have to be met in relation to Impala's "firm intention to make an offer" for the two companies.

Anglo received the BEE credits when it sold its 22.3 per cent stake in Northam and its 50 per cent ownership of the Booysendal mine project to Mvelaphanda.



Source:
Takeover will not affect Angloplat's BEE credits (21/10/08)
http://www.thetimes.co.za/News/Article.aspx?id=867140
Impala's Mvela Acquisition Won't Affect Anglo Credits (20/10/08)
http://www.bloomberg.com/apps/news?pid=20601116&sid=aYJJbX2CAShM&refer=africa
State approves Implats bid for Mvela (20/10/08)
http://www.miningmx.com/platinum/825542.htm