JOHANNESBURG (miningweekly.com) – Global platinum producer Anglo Platinum (Angloplat) has concluded the sale of an effective 51% share of the Lebowa platinum mine, in South Africa, to North American-listed Anooraq, after all the conditions precedent to the acquisition were fulfilled.

The transaction became effective from July 1.

"We are delighted that this transaction has been concluded. We view it as the first step in the realisation of our primary strategic objective to become a platinum group metal (PGM) producing company,” said Anooraq president and CEO Philip Kotze.

Anooraq now controlled the third-largest PGM resource base in South Africa, which Kotze said provided it with a solid base from which to grow its production.

The deal to acquire 51% of the Lebowa platinum mine and an additional 1% controlling interest in each of the Ga-Phasha, Boikgantsho and Kwanda joint-venture projects was announced last October.

In May, the Anooraq, its major shareholder, Pelawan Investments, and Angloplat renegotiated the purchase price to R2,6-billion, down from R3,6-billion, owing to the difficult prevailing market conditions.

Angloplat CEO Neville Nicolau commented that the transaction facilitated Anooraq’s strategy of becoming a major historically disadvantaged South African managed and controlled PGM producer.