Impala Platinum Holdings Limited - Agreement Annou11 Jul 2001
Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa) (Registration number
Agreement with Mmakau Mining
Impala Platinum Holdings Limited ("Implats") is pleased to announce the
signing of an agreement relating to the acquisition of a stake in the
Winnaarshoek project by Mmakau Mining and empowerment participants from
South Africa's Northern Province (where the orebody is located). The latter
group is being identified and brought together with the assistance of Mmakau
Implats acquired the Winnaarshoek project, situated on the Eastern Limb of
the Bushveld Complex, in December 2000, as a result of its acquisition of
Toronto-listed Platexco Inc. To improve the economic viability of the
project and to turn to account more mineral resources, Implats also entered
into an agreement with Anglo Platinum regarding the right to mine portions
of the contiguous Driekop property. The adjacent Clapham and portions of the
Forest Hill property have also been incorporated into the project.
In terms of the agreement, Mmakau will acquire 10 per cent of the project
while some 10 per cent will be taken up by the empowerment participants in
the Northern Province.
Mmakau is a well-established mining operation, which is chaired by its
founding shareholder, Bridgette Radebe.
The project is currently being fast-tracked into production with the main
decline-sinking contract possibly commencing as early as mid-2002.
Production will begin by December 2003.
Mmakau and the community empowerment participants will be represented both
on the executive management and board of the project.
At full production the Winnaarshoek project will produce in the region of
175 000 ounces of platinum per annum for more than 30 years.The mine will
entail an initial capital expenditure of some R1.5 billion. Johannesburg
11 July 2001