Platinum miner Angloplats is to sell the rights to the farm Elandsfontein 440 JQ to black-owned firm Ngazana Consortium in South Africa.

Angloplats will apply to have its old prospecting rights on the farm converted, and will then pass the rights for an "undisclosed cash sum". The company will give the consortium geological information.

The Ngazana Consortium is led by Dr Penuell Maduna, the former justice minister. The group owns 26 per cent of Eland Mines, which will conduct activities on the site.

The move is part of the black economic empowerment (BEE) programme, designed to increase corporate ownership amongst black South Africans. Mining companies are required to have at least 15 per cent of their stock owned by blacks by 2010, increasing to 26 per cent by 2015.

The consortium includes a number of historically disadvantaged persons (HDPs) as investors. HDPs will also control the boardrooms of Eland Mines and its parent company Eland Platinum Holdings.


Ÿ Adfero Ltd