JOHANNESBURG, South Africa, July 6, 2006 (PRIMEZONE) -- Impala Platinum Holdings Limited (Implats) (JSE:IMP) (LSE:IPLA) (ADRs:IMPUY) (Pink Sheets:IMPUY) is pleased to announce the signing of an agreement with Mmakau Mining relating to the acquisition of a stake in Marula Platinum Mine.
In terms of this HDSA ownership transaction, Mmakau Mining will acquire a 7.5% equity stake in Marula Platinum effective 1 July 2006 on the same terms as those agreed with Tubatse Platinum.
This agreement raises black economic ownership in Marula Platinum to 22.5%, which exceeds the five year targets of the Mining Charter. Mmakau Mining becomes the third partner along with Tubatse Platinum and the Marula Community Trust, who have also each acquired a 7.5% equity stake in the operation.
Mmakau Mining is an established mining entity, chaired by its founding shareholder, Bridgette Radebe, that has played a facilitating role with various stakeholders involved in the development of the Marula mine.
Les Paton, Implats Executive Director responsible for Marula Platinum says, "Mmakau Mining has been involved at Marula since inception, and the conclusion of this agreement will complement the expertise and experience of our other BEE partners."
Bridgette Radebe says, "Implats is to be applauded for making this bold move in including community and empowerment representation in this important operation. It not only advances economic independence in marginalised indigenous communities, but also makes them an asset of the organisation itself."
Implats acquired Marula Platinum mine (previously the Winnaarshoek project), situated on the Eastern Limb of the Bushveld Complex, in December 2000, as a result of its acquisition of Toronto-listed Platexco Inc. Implats also entered into an agreement with Anglo Platinum regarding the right to mine portions of the contiguous Driekop property in order to improve the economic viability of the mine and broaden the mineral resource base. The adjacent Clapham and portions of the Forest Hill property have also been incorporated into the operation.
Production of 29,800 ounces of platinum in concentrate was achieved in financial year 2005 with full production of 140,000 ounces scheduled for 2009.