On 2 July 2002, Anglo Platinum and Cluff Mining PLC ("Cluff") announced that in principle agreement had been reached to establish a Joint Venture to prospect and potentially develop the Sheba’s Ridge Platinum Project in the Mpumulanga province. The parties are pleased to announce that the Joint Venture Agreement has been concluded.
Anglo Platinum holds the rights to 50,33% and Cluff holds 49,67% of the mineral rights, which constitutes the proposed Joint Venture area. In terms of the agreement both parties will contribute assets to the Joint Venture and Cluff will make a payment of US$5 million payable in cash and US$3 million in Cluff shares to Anglo Platinum resulting in Cluff holding a 65% interest and Anglo Platinum holding a 35% interest in the Joint Venture. Cluff will continue to fund the exploration programme. Upon completion of a feasibility study and Cluff taking the decision to mine, Cluff will make a further payment of US$12,5 million to Anglo Platinum thereby increasing Cluff’s interest in the Joint Venture to 87,5% and the parties will finalise the terms for Anglo Platinum to purchase the concentrate produced by the mine.
The conclusion of the Joint Venture Agreement is subject to certain conditions including the obtaining of the necessary regulatory and statutory consents and authorisations.
For further information, please contact:
Mike Mtakati
(011) 373 6895
083 455 7887