Angloplat, Anooraq Revise Planned Black Empowerment Deal

Anglo Platinum Ltd. (AMS.JO) Thursday said the consideration payable by Anooraq Resources Corp. (ANO) for their proposed black economic empowerment transaction has been renegotiated, and a revised Lebowa mining plan has been determined.

The companies have renegotiated the transaction consideration to 2.6 billion rand from ZAR3.6 billion, with Anglo Platinum agreeing to reinvest a portion of the consideration in order to share in expected future equity upside in Anooraq.

The mining plan for Lebowa has been revised to reflect new forecasts for production of platinum ounces in concentrate of 150,000 oz per annum by 2012.

The decrease from the previous forecast of 200,000 oz per annum reflects the current constrained market conditions, which have also necessitated the deferral of the Middelpunt Hill UG2 capital expansion project at Lebowa. Estimated capital expenditure on this project is ZAR3.2 billion over a four year period.

The companies remain of the view that the Lebowa resource, together with the mine's established infrastructure, is of the highest quality, comprising a significant near surface PGM resource base, represented by 26 kilometers of continuous strike length along the Merensky and UG2 reef horizons when combined with Ga-Phasha.