Johannesburg, South Africa — MININGREVIEW.COM — 04 April 2008 – Leading international platinum producer Impala Platinum Holdings Limited (Implats) says that Marula Platinum’s old order mining rights have been converted to new order mining rights, and the section 11 transfer of assets from Impala Platinum Limited to Marula Platinum has also been completed.
A press release published here late yesterday confirms that Marula has also further enhanced its BEE credentials with the execution of additional agreements with its empowerment partners, increasing their stakes in the company. Tubatse Platinum (Pty) Ltd., the Marula Community Trust and Mmakau Mining (Pty) Ltd. have each increased their ownership levels to 9% (previously 7.5%), elevating their combined shareholding in the company to 27%. The entire 27% is fully 3rd party financed, based on guarantees from Implats.
Implats CEO David Brown commented: “This deal will achieve meaningful and sustainable empowerment, and reaffirms our commitment to broad-based BEE”.
In terms of this transaction the Marula Community Trust’s equity stake will ensure that sustainable benefits flow to the local community over the life of the mine. Community Trust trustee Howard Maimela said: “Our shareholding in Marula will empower the local community to identify and implement various initiatives in the areas of social and economic development within the region.”
Implats executive director responsible for Marula Platinum Les Paton commented: “Marula forms a vital component of Implats growth strategy going forward, and the investments of our three partners will facilitate the further development of the mine which is currently in ramp-up phase.
Marula – which is located in the Limpopo province, some 50 km north of Burgersfort – produced 65 000 oz of platinum in concentrate in 2007. The operation consists of an underground mine and a metallurgical plant, and annual steady state production of 130 000 oz of platinum in concentrate is scheduled for 2010.