Platinum junior Platmin, which is developing mines in South Africa, has announced that it has concluded an agreement to acquire the 10 percent interest in the Sedibelo Platinum Project held by Barrick Gold Corporation for a consideration of $15 million (R112 million). The remaining 90 percent of Sedibelo is owned by the Bakgatla-Ba-Kgafela Tribe. Sedibelo Platinum is located between Platmin's Pilanesberg PlatinumMine and the Magazynskraal platinum property in South Africa. "The agreement with Barrick is subject to certain customary conditions precedent, including a 60 day pre-emptive rights held by the Bakgatla-Ba-Kgafela Tribe," Platmin said in a statement to the JSE. In a separate agreement, Barrick has undertaken to transfer to Platmin, at cost, various long lead items required for the development of Sedibelo. This final consideration, of up to $45 million, is still to be determined. A subsidiary of Platmin is currently conducting a bankable feasibility study on the Magazynskraal platinum property on behalf of its owners. These transactions are set to close by the end of the second quarter of 2010, the company said. - I-Net Bridge

Source