Impala Platinum has announced that its shareholders have approved a deal between the organisation and the Royal Bafokeng Nation group (RBN).

The platinum miner has revealed that the black economic empowerment (BEE) deal can now go ahead as proposed.

Shareholder backing for the BEE deal was the final hurdle for the parties to surpass before the agreement could go ahead. Impala has re-paid all royalties due and payable to the RBN for a 31-year period from July 1st 2007, while the RBN Group has subscribed for over 75 million Impala shares.

In March this year, 75,115,200 shares were issued by Impala to RBN and the company stated that a further four shares will be issued "for an aggregate cash consideration of 1.898 million rand to the RBN Group on April 25th 2007".

The RBN is the owner of the land where Impala carries out its Rustenburg Valley mining operations.


Sources:
Implats shareholders approve BEE deal
19/4/07
http://www.sundaytimes.co.za/Business/Article.aspx?id=441564

Implats, Bafokeng deal approved
18/4/07
http://www.fin24.co.za/articles/companies/display_article.aspx?Nav=ns&lvl2=comp&ArticleID=1518-24_2100804

Implats BEE deal approved
18/4/07
http://business.iafrica.com/news/783950.htm

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