Eurasian Natural Resources Corporation PLC ('ENRC' or, together with its subsidiaries, the 'Group') has purchased a 12.2% interest in Northam Platinum Limited ('Northam', or the 'Company'), a major platinum producer in South Africa, from Mvelaphanda Resources Limited, for a cash consideration of ZAR50 per share, equating to a total consideration of ZAR2.2 billion (approximately US$296 million) (the 'Transaction'). The cash consideration will be wholly funded from ENRC's existing resources and the Transaction is expected to be completed in May 2010.
Northam is one of South Africa's leading platinum producers and is one of only four major platinum group metals ('PGM') mining groups in South Africa with smelting operations, providing it with operational and competitive advantages from mining through processing to marketing.
