The planned takeover of Anglo Platinum's share in Northam Platinum by Mvela Resources has been delayed, it has been revealed.

Mvela had been due to take over Anglo Platinum's share in Northam Platinum and the Booysendal project before the end of the year, but both firms announced in a joint statement that this move would now be delayed.

The companies explained that one of the main reasons behind the postponement was the complexity of the deals. According to the statement, it is thought unlikely that the companies will complete the necessary due diligence and detailed transaction agreements before the end of this year.

Both Northam Platinum and Mvela would need to convene shareholder meetings before the deal could be concluded and it was felt that there is little chance of that process being achieved before the December holiday period commences.

The sale of its Northam Platinum stake and its interests in the Booysendal project were key planks in the major black economic empowerment transaction announced by Anglo Platinum in September this year.

Source:

AngloPlat, Mvela deal delayed, 7/11/06
http://www.miningweekly.co.za/article.php?a_id=120730

Mvela BEE transaction delay, 7/11/06
http://www.angloplatinum.com/

Ÿ Adfero Ltd