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Name | Symbol | Market | Type |
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iShares US Fundamental Index ETF | NEO:CLU | NEO | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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-0.11 | -0.21% | 51.20 | 51.26 | 51.32 | 51.20 | 51.20 | 51.20 | 904 | 21:00:00 |
RNS Number:4973H Cluff Mining PLC 14 February 2003 CLUFF MINING PLC Joint Venture Agreement with Anglo Platinum at the Sheba's Ridge Platinum Project Cluff Mining PLC ("Cluff") announces that it has finalised the agreement with Anglo Platinum Corporation Limited ("Anglo Platinum") to form a joint venture ("The Joint Venture Agreement") to further explore and develop the Sheba's Ridge Platinum Project ("Sheba's Ridge"). The Joint Venture Agreement, which was signed today, follows the announcement on 2nd July 2002 that agreement had been reached in principle between the parties and the subsequent approval, on 29th July, by shareholders for the Company to enter into the joint venture. Cluff holds the mineral rights to 49.67% of the core area at Sheba's Ridge, which is situated on the eastern limb of the Bushveld Complex of South Africa. Anglo Platinum holds the mineral rights to the remaining 50.33%. The joint venture covers this core area. The principal terms of the joint venture are as follows: * Cluff will make an initial payment to Anglo Platinum of US$8 million, US$5 million payable in cash and US$3 million in the form of new ordinary shares in Cluff, resulting in Cluff holding a 65% interest and Anglo Platinum 35% in the joint venture; * The share consideration will be issued within 180 business days of Completion, upon notification by Anglo Platinum. Under current South African exchange control regulations, Anglo Platinum will be required to sell the consideration shares within 90 days of issue; * The number of shares to be issued will be based on the weighted average closing share price of Cluff for the 90 days prior to issue; * Cluff has the option to pay the US$3 million in cash instead of shares; * Cluff will fund the joint venture exploration programme and feasibility study; * Following completion of the feasibility study and a decision by Cluff to mine at Sheba's Ridge: i) Cluff will increase its interest in the joint venture to 87.5% on the payment to Anglo Platinum of a further US$12.5 million; and ii) the terms of an offtake agreement for the concentrate produced by the joint venture will be finalised with Anglo Platinum. Completion of the Joint Venture Agreement is subject to certain conditions, including the obtaining of the necessary regulatory and statutory consents and authorisations. Mr J.G. Cluff, Chairman and Chief Executive said, "I am delighted that we have now completed the negotiation of the definitive Joint Venture Agreement with Anglo Platinum. Sheba's Ridge is a highly prospective area and we look forward to working with Anglo Platinum to realise its potential." 14 February 2003 ENQUIRIES: Cluff Mining PLC Tel: +44 20 7495 2030 J.G. Cluff (Chairman & Chief Executive) College Hill Associates Tel: +44 20 7457 2020 Mark Garraway This information is provided by RNS The company news service from the London Stock Exchange END JVEEANALFDFDEEE
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