Anglo Platinum has announced the completion of a major Black Economic Empowerment (BEE) agreement.

The platinum miner has sold a 15 per cent share in its Rustenburg Platinum Mines' Union section mining and concentrating business to the Bakgatla-Ba-Kgafela traditional community as part of its efforts to comply with South Africa's BEE regulations.

Anglo Platinum first announced in November its plans to provide Bakgatla with a stake in the company and the terms of the transaction, which includes a royalty-for-equity conversion, have now been agreed by both sides.

Bakgatla has also taken a 55 per cent stake in Anglo Platinum's prospecting rights for the Rooderand property, which the group will use as security against a R45-million loan from the platinum miner to the group to repay land debt and fund local community projects.

Anglo Platinum stated that the agreement will contribute between two and three per cent of its historically disadvantaged South African (HDSA) ownership targets.

Ÿ Adfero Ltd