Vancouver's Anooraq Resources Corp. (TSX-V:ARQ) plans to sink $530 million into securing a majority stake in a South African platinum mine.
The deal involves buying 51% of Lebowa Platinum Mines Ltd., a subsidiary of Anglo Platinum Ltd., whose platinum mine is in South Africa's Bushveld Complex.
Lebowa produced 109,000 ounces of platinum last year and is expected to double production by 2012 with an expansion project led by Anglo Platinum underway.
The Anooraq deal is subject to customary due diligence, completion of transaction agreements, financing, regulatory and shareholder approvals.
Anooraq's share price range during the past week: between $3.05 and $3.35; 52-week high: $3.39; 52-week low: $0.58.