Mining firm Xstrata has announced that it has been given approval by the South African High Court to take over Eland Platinum.

The $1 billion takeover deal will give Xstrata Alloys full management and control of Eland Platinum, including the company's Elandsfontein mine and concentrator.

Peet Nienaber, Xstrata Alloys chief executive, commented: "We are confident that the acquisition will serve as an ideal platform for Xstrata Alloys to further expand its presence in platinum group metals (pgms), an exciting commodity for us."

He added: "The pgm market outlook is positive, and as a result of the Eland acquisition, Xstrata is now ideally suited to meaningfully take part in that growth."

Xstrata Alloys has already established a new platinum division in preparation for the acquisition, with Ben Moolman taking on the role of Managing Director.

Sources:

South African High Court sanctions scheme of arrangement in respect of acquisition of Eland Platinum, 14/11/2007
http://www.xstrata.com/media/news/2007/11/14/0809CET/

Xstrata says South African high court sanctions 1 bln usd Eland Platinum deal, 14/11/2007
http://www.hemscott.com/news/latest-news/item.do?newsId=53878217379933

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