Wesizwe Platinum Limited has announced that it intends to acquire Anglo Platinum Limited's entire 37 per cent stake in the Western Bushveld Joint Venture (WBJV).

The stake, which is currently held through Anglo Platinum's fully-owned subsidiary Rustenburg Platinum Mines Limited (RPM), will be purchased for R1.162 billion in exchange for 211,850,125 new shares in Wesizwe Platinum.

In addition, Platinum Group Metals (PGM) will acquire RPM's 37 per cent interest in Projects One and Three of the PTM Projects from Wesizwe for R785.5 million.

The deals are thought to be based on a number of strategic issues, such as the necessary rationalisation of mineral rights around the Pilanesberg Complex, which will smooth the path for Wesizwe and the WBJV to develop one new mine apiece.

Mike Solomon, Wesizwe's Chief Executive Officer, said: "This is a significant milestone in our short history that has been marked by strategic rationalisation and successful project development.

"The proposed transactions are completely in line with our stated strategy of building a top quality mine, developing shareholder value through logical rationalisation and enhancing BEE participation in the platinum mining sector."

The transactions will mean that Anglo Platinum owns 26.57 per cent of Wesizwe, which will then be permitted to assume full control over its core Frischegewaagd-Ledig Project.

Wesizwe's attributable platinum group metal (PGM) resources will also increase from 13 million ounces to 15.7 million ounces, while its yearly forecast in terms of attributable production will rise from 331,000 oz to 415,000 oz.



Source:
Wesizwe Platinum to acquire Anglo Platinum's 37% WBJV interest in significant move towards Pilanesberg Complex rationalisation (02/09/08)
http://www.wesizwe.co.za/downloads/press_release_020908.pdf