Anglo Platinum has struck a deal with the Royal Bafokeng Nation (RBN) which will see the creation of a new black economic empowerment platinum company.

Under the terms of the arrangement, South Africa's wealthiest indigenous tribe will take control of the Bafokeng Rasimone Platinum Mine with a 67 per cent majority stake in the joint venture.

Furthermore, the move will give rise to a new independent, JSE-listed, broad-based firm known as Newco, which will become effective from 4th January 2010.

"This marks the fulfilment of Angloplat's commitment towards facilitating the creation of an independently controlled and managed black-empowered pgm producer and we are excited about our ability to participate in the future value creation we see coming from NewCo," said Anglo Platinum CEO Neville Nicolau.

The project, which is located in Rustenburg in North West province, produces about 180,000 oz of platinum per year and has been managed by the world's largest producer of the precious metal since 2002.

In addition, the joint venture incorporates the R2.4 billion Merensky Phase 2 project, plus the adjacent Styldrift project, which is capable of producing roughly 200,000 oz of platinum per year.

"We look forward to the culmination of our stated intention to create an independently-listed, black-controlled pgm producer through the listing of NewCo on the JSE," added Niall Carroll, Chief Executive of Royal Bafokeng Holdings, which is the RBN's primary investment vehicle.

A dedicated management team comprising Chief Operating Officer Nico Muller, Chief Financial Officer Martin Prinsloo and Director of Business Sustainability Mzila Mthenjane will be appointed.

Anglo Platinum was formed in 1995 as part of the unbundling of Johannesburg Consolidated Investments.

Source:

AngloPlat, Bafokeng deal opens way for new platinum listing (11/12/09)

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