Monday, 23rd October 2006 08:55
African Platinum agrees black economic empowerment p'ship on flagship project
LONDON (AFX) - African Platinum PLC said it has concluded a black economic empowerment partnership agreement with the Bakwena Ba Mogopa community, as required by the South African mining charter, for its flagship Leeuwkop project.
Under the terms of agreement African Platinum will hold 74 pct of the project and the Bakwena 26 pct. The original prospecting agreement between the two had given the Bakwena the right to a participation of up to 50 pct in the project
In return for its increased holding, African Platinum will provide the first 1 bln rand of development capital for the Leeuwkop project and will also pay the Bakwena 7.
African Platinum agrees black economic empowerment p'ship on flagship project
LONDON (AFX) - African Platinum PLC said it has concluded a black economic empowerment partnership agreement with the Bakwena Ba Mogopa community, as required by the South African mining charter, for its flagship Leeuwkop project.
Under the terms of agreement African Platinum will hold 74 pct of the project and the Bakwena 26 pct. The original prospecting agreement between the two had given the Bakwena the right to a participation of up to 50 pct in the project
In return for its increased holding, African Platinum will provide the first 1 bln rand of development capital for the Leeuwkop project and will also pay the Bakwena 7.
5 mln rand a year for eight years from the granting of the mining rights.
The platinum exploration company said the agreement defining the terms of the BEE equity participation was ratified by a full Bakwena community meeting.
Read more on by www.lse.co.uk. All rights reserved.
News RSS