Shareholders in Wesizwe Platinum have approved plans to increase the company's share capital to finance the acquisition of Africa Wide Mineral Prospecting & Exploration (Africa Wide), it has been reported.

The two companies had agreed to the deal in May of this year, under which JSE-listed platinum junior Wesizwe will pay R650 million for Africa Wide.

Through the acquisition, Wesizwe will acquire Africa Wide's 26 per cent stake in the Western Bushveld Joint Venture, according to a report in Mining Weekly.

Meanwhile, the platinum-focussed mining and development company also recently announced that it is undertaking a bankable feasibility study at its operations at Frischgewaagd-Ledig, near Rustenburg.

Results of the exploration are due to be released in the final quarter of 2007.

Earlier this year, the company stated that it anticipates spending R210 million on exploration over the course of this year.

Sources:

Wesizwe wins shareholder support for R650m Africa Wide deal, 06/07/07
http://www.miningweekly.co.za/article.php?a_id=112254

Wesizwe to spend R210M on exploration, studies this year 11/07/07
http://www.miningweekly.co.za/article.php?a_id=106828

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