Anglo Platinum has announced that it is committed to concluding a multi-billion rand economic empowerment ownership transaction, which is expected to promote long-term development in South African communities.

Communities to benefit from the transaction include those based around the Twickenham, Mogalakwena, Rustenburg and Amandelbult operations.

The transaction is expected to provide these communities with long-term equity ownership in Anglo Platinum, as well as giving them the ability to obtain cashflow benefits.

Neville Nicolau, chief executive officer of Anglo Platinum, said the initiative marks a "significant step" towards genuine broad-based empowerment of those not currently benefiting from the company's Black Economic Empowerment programme.

"We are delighted and believe that the transaction and the related development dialogue with the beneficiary communities will mark a significant step towards true broad-based empowerment and the ongoing development of the beneficiary communities involved," he said.

Recently, Anglo American reported a significant rise in full-year profits, which it attributed to higher metal prices.

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Anglo Platinum announces multi-billion BEE deal (07/02/11)

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