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Gold/Mining/Energy : Platinum Group Metals (PGMs)
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To: Bruce Robbins who wrote (197)12/24/1999 9:13:00 AM
From: Ptaskmaster   of 529
 
Amplats in joint venture with ARM
"The R1,35bn platinum mine announced by Anglo American Platinum Corporation (Amplats) earlier this week has been described by industry analysts as a shrewd political move as well as making good business sense. Production from the mine, forecast to be 162 000 ounces of platinum a year, not only helps plug an expected deficit in world platinum supply, but it also placates critics of the group's large but undeveloped mineral reserves. South Africa's platinum sector is believed to be one of the targets for government's "use it or lose it" policy on mineral reserves. South Africa's mineral reserves are almost exclusively held by predominantly white-owned mining companies.
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"Anglo American plc may have increased its effective shareholding in Amplats to 50,23% from about 48%, but the move is a far cry from speculation earlier this year that a full offer to Amplats minority shareholders was on the cards.
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"Still, it is not impossible a move could be made for 100% control of Amplats by AAplc.... The only downside to acquiring full control of Amplats is that its assets are based in South Africa. The preponderance of South African-based assets in AAplc's portfolio weighs on the London-listed group's share price owing to the political risk attached to South Africa."

Complete story by David McKay at Moneyweb
196.36.119.130
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