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Article

4 Sep 2007

Author:
Antony Sguazzin & Janice Kew, Bloomberg

Anglo Sells Platinum Assets to Help Redress Apartheid [So.Africa]

Anglo American…agreed to sell parts of its platinum business to black investors in a final step to comply with post-apartheid laws. The 11.21 billion-rand of deals announced today by the company's Anglo Platinum unit follow the sale of stakes in Anglo's South African coal, paper and diamond businesses. The transaction lags behind those completed by rivals, Impala Platinum Holdings Ltd. and Lonmin Plc…Under South African law, mining companies operating in the country must sell at least 26 percent of their assets to black investors by 2014 to help make up for discrimination during apartheid… "Ultimately, they have completed the black economic empowerment agreement,'' Sandile Nogxina, director general of the government's Department of Minerals and Energy, said…"We welcome that.'' [also refers to Anooraq Resources, Mvelaphanda Resources, Northam Platinum]