Platinum junior Anooraq said it has completed a 51% stake acquisition in Anglo Platinum’s Lebowa platinum mine, gaining access over the third largest PGM resource base in South Africa.
The R2.6bn acquisition is part of Anooraq’s strategy to become a PGM-producing company, Anooraq president and CEO Philip Kotze said.
“[The Lebowa mine] with its combination of high-quality exploration, development and production mineral properties, provides the company a very solid base from which to grow its production,” Kotze said.
Anglo Platinum announced it would sell the 51% stake in the mine to Anooraq in September 2007, under Black Economic Empowerment laws. The acquisition became effective from 1 July 2009.