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Dow Jones Newswires -- April 16, 1999
Dow Jones Newswires
S. Africa's Impala Sells 54% Of Messina To SouthernEra
Dow Jones Newswires
JOHANNESBURG -- South Africa's Impala Platinum Holdings Ltd., (O.IM), the country's
second largest platinum producer, has sold its 54% interest in Messina Ltd. to SouthernEra
Resources Ltd. for 65 million rand ($1=ZAR6.0900), it said Friday.
Messina owns a closed platinum mine and SouthernEra has interests in mineral sands and diamonds
in Southern Africa.
A condition of the transaction is that a smelting, processing and refining agreement is to be
concluded between the two companies.
This will enable Messina to process its ore to the concentrate stage, avoiding exposure to the
capital requirements and technical risk of smelting and refining, it said in a statement.
Steve Kearney, chief executive of Impala said, "the proximity of the two mines ensures that the
infrastructural and management synergies can be realized, (which would) otherwise not be available
to a stand alone operation."
He said that Impala will provide the smelting, refining and processing expertise that has historically
been the inhibiting factor to smaller-scale platinum projects.
"I have been impressed with the way SouthernEra has tackled its diamond operations and believe it
can bring some innovation into mining the steeply-dipping Messina reefs," he said.
The statement said that the transaction is subject to the conditions being fulfilled, the last of these
expected to be concluded by the end of August.
-By Andi Spicer, +27-11-726-7903; aspicer@ap.org
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