ptm
DJ Wesizwe Agrees Deals To Gain Control Of Core Platinum Project
Tuesday, September 02, 2008; Posted: 07:12 AM
JOHANNESBURG, Sep 02, 2008 (Dow Jones Commodities News via Comtex) --
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PowerRating -- South African platinum explorer Wesizwe Platinum Ltd. (WEZ.JO) Tuesday said it has struck two concurrent deals to gain 100% control of its core project.
The company said it will buy Anglo Platinum Ltd.'s (AMS.JO) entire 37% stake in the Western Bushveld Joint Venture for 1.16 billion rand ($149.1 million), which will be settled with the issue of new shares and see Angloplat become an almost 27% shareholder.
At the same time, Platinum Group Metals Ltd. (PLG) will buy Angloplat's 37% participation interest in Projects 1 and 3 from Wesizwe for ZAR785.5 million. This acquisition will be offset by the sale of Platinum Group Metal's 18.5% interest in the Western Bushveld Joint Venture's Project 2, Wesizwe said.
As a result, it will gain complete control over its core Frischegewaagd-Ledig project, the company said.