Source Pravda.Ru

R4bn Mining Deal

Even political affaires couldn’t hamper Angloplat and Bafokeng to make profitable business. Anglo Platinum (Angloplat) signs a R4bn joint-venture agreement with the Royal Bafokeng community to mine two farms near Rustenburg. Preliminary negations were held for one year. In terms of the agreement, Angloplat and the Bafokeng community will come up with R2bn each to mine the farms Styldrift and Boschkoppie in North West. The mines will peak with production of 5,4-million tons a year within the first five years. Bafokeng spokesman Steve Phiri has confirmed that work has already begun on the Boschkoppie farm, while the Styldrift operations are expected to commence shortly. Recent furor over the Minerals and Petroleum Resources Development Bill won’t spoil business of these companies as their representatives announced. For them it is more commercial transaction than empowerment deal. Minister of Minerals and Energy Phumzile Mlambo-Ngcuka will attend the signing of the deal today, indicating it will satisfy political as well as commercial imperatives.

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