Anglo Platinum and the Royal Bafokeng wish to announce that they have agreed (in principle) the essential terms and conditions to establish a Joint Venture to exploit the Merensky and UG2 reefs on the farms Boschkoppie 104 J.Q. and Styldrift 90 J.Q., near Rustenburg in the North-West Province of South Africa.
In terms of the Joint Venture, Anglo Platinum and the Royal Bafokeng will co-operate as equal participants and intend to utilise the existing infrastructure at BRPM to gain access to the farm Styldrift 90 J.Q. adjacent to BRPM. Additional infrastructure, including a new decline shaft and a 230 000 tons per month concentrator will allow the Joint Venture to attain full production of 5,6 million tons per annum some 5 years after commencement. The capital expenditure for the development of Styldrift has been estimated at R2,243 billion (in 2001 money terms).
The conclusion of the Joint Venture Agreement is subject to various conditions precedent which are expected to be fulfilled before the year end.
For further information, please contact
Mike Mtakati (Anglo Platinum)
(011) 373-6865
082 805 6515
Herbert Mngadi (Royal Bafokeng Administration)
(014) 566-3810
083 274 8121
31 July 2001