JOHANNESBURG Oct 11 South Africa's Northam
Platinum has acquired a mining right from Anglo
American Platinum (Amplats) for 1 billion rand ($72
million), the companies said on Tuesday.
* "The proceeds will be used to further reduce net debt and
strengthen Anglo American Platinum's balance sheet," Amplats
Chief Executive Chris Griffith said.
* The right comprises around 16.7 million ounces and is on
the northwestern boundary of Northam's Zondereinde mine. Northam
says it will be able to extract higher-grade ore for longer.
* The resource is similar in character to that of the
Zondereinde ore body.
* "A short lead time and limited capital expenditure are
required to access the acquired resource from Zondereinde's
existing infrastructure," Northam says.
* The transaction remains subject to the consent of the
Minister of Mineral Resources.($1 = 13.8542 rand)
(Reporting by Ed Stoddard; Editing by Adrian Croft)