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n order to lay the foundation for the formation of a significant black-controlled company and simplify their structures Lonmin and Implats announced in September 2003 the sale of Implats’ 27.1% stake in Lonplats.
In May 2004, Lonmin and Implats announced that a number of key milestones had been achieved including
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the involvement of broad-based empowerment parties ; |
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endorsement of the proposed BEE transaction by the Department and Minerals and Energy within the requirements of the new mining law ; |
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participation by the Industrial Development Corporation (IDC), and |
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the obtaining of bank funding. |
In June 2004 Lonmin and Implats announced that the outstanding US$30 million of funding from empowerment parties had been secured .
In June 2004, the Empowerment partners Andisa, Dema and Vantage increased their respective interests in Incwala by an equal amount having secured strong financial support for an additional amount of US$10 million each. All three empowerment parties raised a total of US$20 million each for a 16.2% interest in the company .
On 6 September 2004 the empowerment investors, Lonmin, Implats and the IDC signed legally binding agreements and Incwala was open for business.
In this process Incwala acquired an 18% stake in Eastern Platinum and Western Platinum (together, “Lonplats”) for US$490.2 million. The company raised US$125 million in preference share funding from a number of domestic and international banks on competitive terms in addition to equity capital of US$365.2 million, giving total capital employed of US$490.2 million.
In July 2007, Incwala concluded a transaction whereby the company acquired from other BEE shareholders a 26% equity stake in Akanani Mining a PGMs development project in South Africas PGMs basin, the Bushveld Complex
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