Aquarius Platinum to buy mineral rights in South Africa.

By bne IntelliNews May 5, 2011
Aquarius Platinum, the world's fourth largest primary platinum producer, said it will acquire platinum group metals and associated base metals mineral rights from South Africa's Northam Platinum for ZAR 1.2bn (USD 181.2mn). The rights are on farms adjacent to Aquarius' own Everest Mine on the Eastern Limb of the Bushveld Igneous Complex. The mineral rights acquired comprise several farms, collectively called Booysendal South, that contain approximately 31.1mn ounces of PGM (4E) resources and will increase Aquarius' current resource base by approximately 24%, the buyer said in a statement. Adding Booysendal South to the Everest mine plan has the potential to extend the life of the Everest Mine from some 8 years to over 30 years, Aquarius Platinum said.

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