adminShanduka Group investing 1,1 billion rand (US$137 million) for control and management of its Limpopo division.
Lonmin said Shanduka had been offered the option of carrying out a feasibility study on the viability of it operating and developing the Limpopo division.
If the outcome is successful, Shanduka could then raise the funds and subscribe to 50 percent plus one share in Lonmin unit Messina Platinum Mines Limited.
Lonmin said the deal with Shanduka, chaired by prominent politician-turned-businessman Cyril Ramaphosa, would help it meet mining charter targets that aim for 26 percent of the mining industry to be black-owned, but would also help it focus on its key Marikana operations.
Lonmin’s Limpopo division includes the Baobab mine, where development activities have recently restarted after the asset was put on care and maintenance in 2009 following the global financial crisis. – Reuters.
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