Anglo Platinum has finalised the sale of its 51 per cent stake in the Lebowa platinum mine to Anooraq, it emerged yesterday (2nd July).

The deal, which also incorporates a one per cent controlling interest in the Ga-Phasha, Boikgantsho and Kwanda joint ventures, was originally announced last October.

All the conditions precedent to the acquisition have now been satisfied and the transaction was completed on Wednesday, the two parties have confirmed.

"We are delighted that this transaction has been concluded," said Anooraq President and CEO Philip Kotze.

"We view it as the first step in the realisation of our primary strategic objective to become a platinum group metal-producing company."

Anooraq, its largest shareholder Palawan Investments and Anglo announced in May that the price of the deal had been renegotiated from R3.6 billion (£277.1 million) to R2.6 billion, largely owing to the tough pgm market conditions at present.

Anglo CEO Neville Nicolau explained that the transaction underlines the world's largest platinum producer's commitment to the black economic empowerment drive in South Africa's mining sector.

"We are pleased to report the successful conclusion of the transaction with Anooraq," he said.

"The transaction facilitates Anooraq's strategy of becoming a major HDSA-managed and controlled pgm producer and illustrates Anglo Platinum's commitment to broad-based black economic empowerment as a strategic transformation initiative."

Lebowa, which is located on the north-eastern limb of the Bushveld Complex, had annual refined production of 147,600 oz 4E pgm (platinum, palladium, gold and rhodium) in 2008.

Sources:

Lebowa Acquisition Becomes Effective (02/07/09)

Anooraq-Angloplat Lebowa transaction concluded (02/07/09)

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