Anpario Regulatory News (ANP)

8 Nov 2006 12:00

Anglo Platinum Limited08 November 2006 ANGLO PLATINUM BEE TRANSACTION WITH THE BAKGATLA-BA-KGAFELA 8 November 2006 Anglo Platinum is pleased to announce that it is at an advanced stage ofnegotiating a BEE transaction which if successfully concluded will see theBakgatla-Ba-Kgafela Traditional Community ("the Bakgatla") acquire a 15%interest in Anglo Platinum's Rustenburg Platinum Mines' Union section ("Union")and interests in the prospecting rights of the Rooderand 46 JQ, portion 2("Rooderand") and Magazynskraal 3 JQ ("Magazynskraal") properties. In terms of the transaction Anglo Platinum intends to: - convert an existing royalty agreement with the Bakgatla over a portionof the Union mining area which, in addition to the payment by the Bakgatla of acash consideration of R420 million funded by commercial debt, will result in theBakgatla holding a 15% equity stake in the Union mine and concentrator complex,- cede a 26% interest in Magazynskraal and establish an exploration jointventure which will afford the Bakgatla the opportunity to increase theirparticipation interest in the property by funding or facilitating theexploration thereof, and- cede a 55% interest in the prospecting rights of Rooderand to theBakgatla which will be used as security for a R45 million loan to be made byAnglo Platinum to the Bakgatla to repay land debt and fund community projects. The Bakgatla-Ba-Kgafela Traditional Community comprises some 350 000 peopleresident in the greater Pilanesburg area adjacent to Union and compriseapproximately 47% of Union's labour force. The Bakgatla hold mineral interestsover a portion of the Union mining area and have received royalty payments fromAnglo Platinum since 1982. The Bakgatla are the beneficial owners of portion 1of Rooderand 46 JQ and have an existing exploration joint venture with BarrickGold Corporation on properties contiguous to Magazynskraal. The Bakgatla have convened a members meeting for 25 November 2006 to considerand ratify the terms of the transaction. For further information please contactTrevor Raymond+27 (0)11 373 6462+27 (0) 82 6548467 This information is provided by RNS The company news service from the London Stock Exchange