Lonmin, Western Platinum (WPL), Messina and Messina Platinum Mines (MPML) have entered into a conditional share subscription agreement with Shanduka Group.
Under the terms of the agreement, Shanduka will carry out a feasibility review on Lonmin’s Limpopo division in South Africa, to assess the viability of operating and developing in the area.
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On completion of the feasibility review Shanduka will subscribe for 51% shares in the issued share capital of MPML in return for R1.1bn ($134m) to MPML, thereby acquiring control and operational management of Limpopo division.
Limpopo division assets include the Baobab mine held by MPML, a 50% share in the Dwaalkop joint venture held by WPL, and the Doornvlei project and the ‘Zebediela’s Location’ prospecting area held by MPML.
