AMSP - Anglo Platinum Limited - Bafokeng Rasimone Platinum Mine Restructuring

AMSP - Anglo Platinum Limited - Bafokeng Rasimone Platinum Mine Restructuring   
Unconditional                                                                   
Anglo Platinum Limited                                                          
(incorporated in the Republic of South Africa)                                  
(Registration No. 1946/022452/06)                                               
JSE Share Code: AMSP ISIN: ZAE000054474)                                        
("the Company")                                                                 
BAFOKENG RASIMONE PLATINUM MINE RESTRUCTURING UNCONDITIONAL                     
This announcement follows the agreement reached between Anglo Platinum Limited  
("APL") and the investment arm of the Royal Bafokeng Nation, Royal Bafokeng     
Holdings "(RBH") to restructure the Bafokeng Rasimone Platinum Mine ("BRPM")    
Joint Venture, which was announced on 23rd October 2008.                        
RBH and APL are pleased to announce that the transaction whereby Royal          
Bafokeng Resources (Pty) Limited ("RBR") obtains a majority interest in the     
BRPM JV, has become unconditional and therefore effective on the 7th December   
2009. The purpose of the restructuring transaction is to create an              
independent, listable, broad-based black empowered operating platinum focused   
company which will unlock value for its stakeholders through optimized          
extraction and growth in the platinum group metals industry.                    
The BRPM JV restructuring transaction involves a change in the participation    
interests of the Joint Venture from that of joint control (50% RBR and 50%      
Rustenburg Platinum Mine ("RPM") and managed by APL, to RBR holding a majority  
interest (67% RBR and 33% RPM) and operating the Joint Venture. RBR is a        
subsidiary of a newly formed company ("NewCo") within the RBH Group of          
Companies which has been resourced with an experienced and focussed management  
team over the past 12 months.                                                   
The management team comprises Nico Muller (previously General Manager of Two    
Rivers Platinum) as Chief Operating Officer; Martin Prinsloo (previously Head   
of Corporate Finance and Business Development and Acting joint CFO at Anglo     
Platinum) as Chief Financial Officer and Mzila Mthenjane (previously            
Investment Manager from RBH) as Director: Business Sustainability. Management   
control will transfer to NewCo on the 4th January 2010. A brand and name for    
NewCo will be announced early in 2010. After transfer of management control to  
the new operator (NewCo), RPM and RBR will remain the only partners in the JV.  
On the 7th December 2009 RPM exchanged 17% of their interest in the BRPM JV     
for a 25% interest in NewCo which is to be listed within twenty four months,    
subject to market conditions (until listing APL retains an effective 50%        
economic interest).                                                             
The BRPM JV produces approximately 180,000 Pt oz per annum and includes the     
R2.4 billion Merensky Phase II Project, as well as the 200 000 Pt oz per annum  
R8.1 billion (mid-2009 money terms) adjacent Styldrift Project. This operation  
has had a successful track record since 2002 under the capable management of    
Anglo Platinum.                                                                 
"We believe," says Niall Carroll (CEO of RBH) "that the enhanced focus of a     
dedicated management team supported by strong empowerment credentials and a     
solid capital structure should unlock significant sustainable value for all     
stakeholders and we look forward to the culmination of our stated intention to  
create an independently listed black controlled PGM producer through the        
listing of NewCo on the Johannesburg Stock Exchange"                            
"This marks the fulfilment of Anglo Platinum`s commitment towards facilitating  
the creation of an independently controlled and managed, black-empowered        
platinum group metals producer and we are excited about our ability to          
participate in the future value creation we see coming from NewCo" says         
Neville Nicolau (CEO of APL).                                                   
CONTACT:                                                                        
Royal Bafokeng Holdings     Anglo Platinum Limited      

                        (Pty) Limited                                           
Spokesperson             Mpueleng Pooe               Anna Poulter               
Telephone                011 530 8034                011 373 6683               
Mobile phone             082 894 3801                083 455 7773               
11 December 2009                                                                
Sponsor                                                                         
Merrill Lynch South Africa (Pty) Limited                                        
Date: 11/12/2009 09:00:04 Supplied by www.sharenet.co.za                     
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