Mvela deal given the nod

The Competition Commission has recommended that the Competition Tribunal approve Mvelaphanda Resources' plans to buy Anglo Platinum's stake in Northam Platinum and Booysendal without conditions.

Anglo Platinum - the world's largest platinum producer - said in September that it would facilitate the sale of the Northam and Booysendal stake, when it unveiled two black economic empowerment transactions worth R7,6 billion.

The platinum producer agreed to sell the two stakes - 22,4percent in Northam Platinum and 50percent in Booysendal - to Mvelaphanda Resources for R4 billion.

Anglo Platinum also agreed to sell 51percent of Lebowa Platinum and 1percent of the Ga-Phasha Project to Anooraq (ARQ) for R3,6 billion.

Mvelaphanda Resources already own half of Booysendal, and once it has acquired Anglo Platinum's stake it will sell the 100percent stake in Booysendal to Northam Platinum in return for 125 million shares worth R6,25 billion. - I-Net Bridge