Shareholders of Northam Platinum and Mvelaphanda Resource have given the go-ahead for the two firms' proposed empowerment deal involving Anglo Platinum, it has been reported.

According to Mining Weekly, the required number of shareholders backed the tender, putting the transaction on track to be completed by the end of June.

The completion of the empowerment deal would see Mvelaphanda Resource acquire both Anglo Platinum's stake in the Booysendal project and the firm's 22.2 per cent holding in Northam Platinum for R4 billion.

Booysendal - of which 50 per cent is already owned by Mvelaphanda Resource - would then be sold to Northam Platinum for 121 million shares.

Damian Smith, chief geologist of Northam Platinum, told Reuters recently that the acquisition of Booysendal would help grow the company's resource base six-fold and would keep it occupied for more than 50 years.



Source:

Northam, Mvela shareholders approve empowerment deal
http://www.miningweekly.com/article.php?a_id=135175