At a Kgotha-Kgothe (or general meeting) of the Bakgatla on 25 November 2006, the community members voted in favour of the transaction.

The terms of the concluded transaction are as follows:

• The Bakgatla has acquired a 15% equity stake in an operating asset, Union, via an unincorporated joint venture ("the Joint Venture") with effect from 1 December 2006,
• The Bakgatla has made a cash contribution of R420 million funded by commercial debt via a loan from Rand Merchant Bank. In the unlikely event that the after tax cash flow from the Bakgatla's share of Union is inadequate to service the loan, Anglo Platinum will lend the Bakgatla an amount limited to Anglo Platinum’s share of the after tax cash flow from Union to service the loan,
• The Bakgatla, as part of the debt package with Rand Merchant Bank, has taken out forward cover on half of its 15% share of Union’s platinum concentrate revenue for an initial 5 year period,
• Anglo Platinum will credit the Bakgatla with an initial profit share adjustment of 15% of the net free cash flows of Union from 1 January 2006 to 30 November 2006 less notional interest that would have accrued to Anglo Platinum on the purchase price. The current estimate of the adjustment is approximately R70 million,
• The Bakgatla has agreed to convert its entitlement to royalties into equity and in so doing, has cancelled Anglo Platinum’s royalty obligation over a portion of Union, more specifically over Portion 2 of the farm Spitskop 410 JQ ("Spitskop"),
• The Bakgatla has provided access, through nominal rental leases, to the surface rights required by Union for all future mining and processing activities,
• Anglo Platinum and the Bakgatla have established an exploration joint venture to further develop the Magazynskraal property. The Bakgatla’s initial stake in the exploration joint venture will be 26%,
• Anglo Platinum has ceded a 55% interest in the prospecting rights of Rooderand to the Bakgatla who are strategically well positioned to add value to Rooderand,
• Anglo Platinum has made a R45 million loan to the Bakgatla, part of which has been used to repay land debt and the balance will be used to fund community projects,
• As security for the R45 million loan, the Bakgatla has pledged its interest in Rooderand to Anglo Platinum and
• Anglo Platinum retains the right, at its election, to purchase any concentrate produced from Rooderand and Magazynskraal.

This transaction is expected to contribute between 2% and 3% towards Anglo Platinum’s achievement of the HDSA ownership participation targets.

The pro-forma, unaudited, initial impact of the transaction on Anglo Platinum’s earnings for the year ended 31 December 2006 is a once-off loss on formation of a subsidiary and a BEE compensation charge totalling approximately R218 million taking into account the fair value of Union in terms of AC503 – Accounting for Black Economic Empowerment Transactions and tax recoupment. This accounting loss does not take into account the value accruing to Anglo Platinum as a result of securing the unencumbered right to mine the Spitskop property and the surface rights acquired which together were valued, as part of the negotiated transaction, at R210 million.

The initial impact of the transaction of approximately R218 million and the estimated profit share associated with the Bakgatla’s 15% stake from 1 December 2006 of some R20 million were included in the earnings estimates in Anglo Platinum’s Trading Statement published on 29 November 2006.

The Bakgatla-Ba-Kgafela Traditional Community comprises some 350 000 people resident in the greater Pilanesburg area adjacent to Union and comprises approximately 47% of Union’s labour force. The Bakgatla is the beneficial owner of portion 1 of Rooderand 46 JQ and has an existing exploration joint venture with Barrick Gold Corporation on properties contiguous to Magazynskraal.

Ralph Havenstein, CEO of Anglo Platinum commenting on the transaction said: "Anglo Platinum is pleased to be able to conclude a sustainable transaction with a truly broad-based and strategically-placed empowerment partner that is integral to the company’s mining operations in the region"
Kgosi John Pilane of the Bakgatla said

"The Bakgatla look forward to a committed and mutually beneficial relationship with Anglo Platinum. This is truly a union with the people of the Pilanesburg"