The huge black economic empowerment (BEE) deal secured by Anglo Platinum is set to transform the industry, according to the parent company's Chief Executive.

Cynthia Carroll, Chief Executive at Anglo American, believes that the recently-announced agreement demonstrates the company's commitment to South Africa by increasing the number of BEE players with access to significant amounts of platinum ore.

The agreements have created two new major mining companies in the platinum market, Anglo Platinum explains, with Mvelaphanda Resources (Mvela) and Anooraq Resources holding controlling stakes in some important platinum mining facilities.

"For Mvela, it means that we're changing from being just an investment holding company, with passive stakes in other people's operations, to having a controlling stake," Mvela Chairman Lazarus Zim told Mining Weekly.

Under the terms of the BEE deal, Mvela will take a 63 per cent stake in Northam Platinum.

Source:

Anglo-led empowerment deal to transform entire industry, 14/09/07
http://www.miningweekly.co.za/article.php?a_id=116429

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