Anglo American is yet to receive conversion of all outstanding "old order" platinum rights with the announcement expected some time in April.

The firm was supposed to receive them today but conversion is more likely to occur in April at the earliest, MiningMX reports.

When delivering the group's financial results for the year to December in February, the Chief Executive Officer of Anglo American, Cynthia Carroll, announced that the date for the conversions would be March 31st.

She said that the firm would receive conversion of all its platinum, base metal, coal and iron ore rights by today and when questioned at the presentation, Ms Carroll stated that she was at the "tail end" of the process.

"What we have done so far has been enough to win conversion," she explained.

At the time, the news was welcomed by investors because of the negative atmosphere created by the uncertain conversions.

Confrontations between Anglo Platinum and the Department for Minerals and Energy have occurred as well as disagreement over the calculation of the BEE equity to be credited to Anglo Platinum in return for deals struck with Anooraq Resources and Mvelaphanda Resources.

But it is thought that the most recent delay is down to administration and Pranill Ramchander, and Anglo American spokesman, said progress was being made.

"Anglo and the DME have been working tirelessly, day and night and over weekends to complete this very complex process. The volume of documentation and related paperwork in the conversion process is enormous," he explained.

Source

No conversions for Anglo American yet, 31/03/08
http://www.miningmx.com/mining_fin/495891.htm

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