Vancouver, Canada — MININGREVIEW.COM — 27 August 2008 – Anooraq Resources Corporation – a Canadian-incorporated BEE company focused on platinum group metals (PGM) on the Bushveld Complex – has taken another step towards becoming a major platinum producer in South Africa behind world leaders Anglo Platinum and Impala Platinum.
With a primary listing on the Toronto Venture Exchange and secondary listings on the American Stock Exchange and the JSE, the company is majority-owned by Pelawan Investments – a Black Economic Empowerment (BEE) holding company comprising about 15 shareholder groupings spread across a broad base of women’s groupings, regional groupings and cultural development trusts. Pelawan holds 65% of Anooraq.
In a press release issued here, Anooraq confirmed that it had received key approvals required for implementation of its transaction with Anglo Platinum Limited for the acquisition of an effective 51% equity interest in the Lebowa Platinum Mine, together with an additional 1% controlling interest in the parties’ current joint venture projects, namely the Ga-Phasha, Boikgantsho and Kwanda projects. The approvals were:
unconditional approval by the South African Competition Commission for implementation of the Lebowa transaction; and
approval by the Exchange Control department of the South African Reserve Bank for implementation of the Lebowa transaction.
These regulatory approvals represent a further step towards Anooraq’s implementation of the Lebowa transaction and its transition into a significant platinum group metals producer. All conditions precedent relating to implementation of the Lebowa transaction – including provision of the required funds – must be fulfilled by November 30, 2008,and the company remains confident that this target date will be met, according to its press release.
Anooraq president and CEO Philip Kotze commented: “These approvals have taken us one step closer to the conclusion of the Lebowa transaction. We remain confident that it will be concluded within the originally defined timeframe, transforming Anooraq from a company with an impressive exploration and development base to a significant PGM producer, controlling the third largest PGM resource base in South Africa.”