Wed Oct 26 02:32:56 SAST 2016
Mkhwebane leaves Zuma‚ Van Rooyen interdicts

The new public protector says she will leave the dispute over the state capture report prepared by h.

Implats gets stake in Afplats' operation

By unknown | Dec 12, 2006 | COMMENTS [ 0 ]

Thomas McLachlan

Thomas McLachlan

World number two platinum producer Impala Platinum (Implats) is acquiring 29,9 percent of African Platinum's (Afplats) South African assets for R1,07billion; the funds to be used in the growth of a project to benefit Afplats' BEE partners.

The agreement, which is currently being drafted, aims to have the transaction concluded within the first quarter of next year.

"The money from the transaction will be used to fund Afplats' R1billion commitment to its Leeuwkop project in terms of the recently signed agreement with [our] BEE partners, the Bakwena BaMogopa community," Afplats chief executive Roy Pitchford said.

Implats announced in October that it would increase its 50 percent shareholding in the project to 74percent, with the Bakwena BaMogopa, a Free State community that owns the land on which the project's mine would operate, holding the remaining 26 percent.

They would also receive an additional R7,5million each year for the use of the land, Pitchford said.

David Brown, chief executive of Implats, said: "This transaction is an excellent opportunity for Implats to participate in the development of [Leeuwkop] and builds on our relationship with Afplats."

Further BEE activity took place in the platinum industry yesterday when Incwala, one of the largest black-owned and controlled mining companies in the country, sold an additional 3percent stake to black-owned Thelo Incwala Investments for R89,9million.

This brings Thelo's investments in Incwala to just more than 19 percent.

Business heavyweight Ronnie Ntuli, who controls Thelo and sits on Incwala's board as chairman, said: "The investment in Incwala provides us with a solid platform to grow our interests and diversify our risks into other sectors."

He said that part of the attraction of Incwala was that it had an 18percent interest in Lonmin subsidiary Lonplats, the third largest platinum miner in the world.


Login OR Join up TO COMMENT