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Johannesburg - Platinum exploration firm Anooraq
Resources (ARQ) will pay one billion rand less for its acquisition of certain assets from Anglo Platinum (AngloPlat), the world's largest platinum producer.
The companies announced on Thursday that they had revised the terms of
their black economic empowerment (BEE) transaction that would see Anooraq
acquire an effective 51% of the Lebowa Platinum Mine and an additional 1%
controlling interest in each of the Ga-Phasha, Boikgantsho and Kwanda joint
venture projects from Anglo Platinum.
"To ensure the sustainability of the transaction, the parties have
renegotiated the transaction consideration from R3.6bn to R2.6bn, with Anglo Platinum agreeing to re-invest a portion of the
consideration in order to share in expected future equity upside in
Anooraq," the companies said in separate announcements to the JSE
- I-Net Bridge