Document:

Filed by sedaredgar.com - Anooraq Resources Corporation - Exhibit 4.11

SALE OF RIGHTS AGREEMENT

 

amongst

 

RUSTENBURG PLATINUM MINES
LIMITED

 

PLATEAU RESOURCES (PROPRIETARY)
LIMITED

 

and

 

BOIKGANTSHO PLATINUM MINE
(PROPRIETARY) 

LIMITED

 

	TABLE OF
      CONTENTS 

	1. 	PARTIES 	1 
	2. 	INTERPRETATION 	1 
	3. 	INTRODUCTION 	11
  
	4. 	CONVERSION, AMENDMENT AND
      CONSENTS TO CEDE RIGHTS 	12 
	5. 	SALE OF
      RIGHTS 	17
  
	6. 	SUSPENSIVE CONDITIONS
      	17 
	7. 	PURCHASE
      PRICE OF SALE ASSETS 	18
  
	8. 	PAYMENT OF THE PURCHASE
      PRICE 	19 
	9. 	PURCHASE
      PRICE FOR PLATEAU PROJECT INFORMATION 	20
  
	10. 	DELIVERY OF SALE
      ASSETS 	22 
	11. 	INTERIM
      PERIOD 	23
  
	12. 	BREACH 	24 
	13. 	ARBITRATION 	25
  
	14. 	DOMICILIUM 	25 
	15. 	COSTS
      	26
  
	16. 	VALUE-ADDED TAX
    	27 
	17. 	GENERAL 	27
  

	SCHEDULE 1: 	PROSPECTING RIGHTS

	ANNEX 1: 	PORTION 

SALE OF RIGHTS AGREEMENT

	1. 	PARTIES 

	1.1 	
      PLATEAU RESOURCES (PROPRIETARY)
    LIMITED

	 	 
	1.2 	
      RUSTENBURG PLATINUM MINES LIMITED

	 	 
	1.3 	
      BOIKGANTSHO PLATINUM MINE (PROPRIETARY)
      LIMITED

	2. 	INTERPRETATION

	2.1 	
      The headnotes to the clauses of this agreement are
      inserted for reference purposes only and shall in no way govern or affect
      the interpretation hereof.

	 	 
	2.2 	
      Unless inconsistent with the context, the expressions set
      forth below shall bear the following meanings:

		“this Agreement” 	
      this sale of rights agreement together with the schedules
      thereto 

	 	  	
      

		“Bankable Feasibility Study” 	
      a comprehensive document or documents that addresses all
      matters which are customarily required for an effective assessment of the
      viability of the development and mining of the Project Area, in such form
      and detail as are required for the purposes of determining whether to
      finance 

 

Page 2

			
      the development of a commercial mining operation within
      the Project Area, including but not limited to chapters on the following:
      ownership, location, geology and ore reserves, metallurgy, mining,
      materials handling, processing, ancillary facilities and site services,
      infrastructure for and availability of labour, energy supply,
      environmental impact studies and rehabilitation obligations, capital
      costs, costs to be incurred to sustain production including initial
      working capital, the time and critical path to place the mine into
      production and financing requirements throughout the construction phase,
      financial analysis (including price sensitivity analysis) assumptions as
      to mineral prices and utilisation of a discount rate consistent with
      financing costs at the time as well as project and country risks

	 	  	
      

		“BFS Date” 	
      the date of delivery of the Bankable Feasibility Study in
      respect of the Project Area to Boikgantsho 

	 	  	
      

		“Boikgantsho” 	
      Boikgantsho Platinum Mine (Proprietary) Limited (No.
      2003/012394/07), a private company incorporated according to the
  

 

Page 3

	 	  	
      company laws of the Republic of South Africa 

	 	  	
      

		“Boikgantsho Project” 	
      the prospecting and exploration for, mining and
      commercial exploitation of, PGM’s in, on or under the Project Area and all
      matters relating or ancillary thereto, as more fully described in the JV
      Agreement 

	 	  	
      

		“Closing Date” 	
      the Closing Date as defined in the Phase 3 Implementation
      Agreement 

	 	  	
      

		“Effective Date” 	
      the date of fulfilment of all of the suspensive
      conditions in clause 6 

	 	  	
      

		“Fulfilment Date” 	
      the date of fulfilment of the suspensive condition in
      clause 6.1 

	 	  	
      

	 	“Income Tax Act” 	
      the Income Tax Act, No 58 of 1962 

	 	  	
      

		“JV Agreement” 	
      the notarial joint venture agreement concluded between,
      inter alia, Plateau and PPL on 2 December 2003 regulating their rights,
      interests, entitlements and obligations in respect of the Boikgantsho
      Project, as amended and ceded, together with all schedules and annexes
      thereto and all agreements entered into in relation thereto (save for this
      Agreement) 

 

Page 4

		“Joint Venture” 	
      the joint venture in respect of the Boikgantsho Project
      established by and between Plateau and PPL in terms of the JV Agreement
      

	 	  	
      

		“Mining Right” 	
      the converted mining right to be issued to PPL in terms
      of Item 7 of Schedule II to the MPRDA and to be ceded to RPM in terms of
      the Sale of Business Agreement 

	 	  	
      

	 	“Minister” 	
      the Minister of Minerals and Energy 

	 	  	
      

		“Ministerial Consent” 	
      the consent of the Minister contemplated in section 11(1)
      of MPRDA 

	 	  	
      

		“MPRDA” 	
      the Mineral and Petroleum Resources Development Act, 2002
      (Act 28 of 2002) 

	 	  	
      

		“MPTRO” 	
      the Mineral and Petroleum Titles Registration Office
    

	 	  	
      

	 	“Old Order Mining Right” 	
      as defined in Item 1 of Schedule II to MPRDA 

	 	  	
      

		“Ordinary Shares” 	
      ordinary shares in the issued share capital of
      Boikgantsho, as constituted from time to time 

	 	  	
      

	 	“Parties” 	
      RPM, Plateau and Boikgantsho 

 

Page 5

		“PGMs” 	
      platinum, palladium, rhodium, ruthenium, iridium and
      osmium and the metals and minerals mineralogically associated therewith,
      including but not limited to gold, silver, copper, nickel, chrome and
      cobalt, together with any such metals and minerals which may be extracted
      from the normal mining of the first mentioned minerals 

	 	  	
       

		“Phase 3 Implementation Agreement” 	
      the Phase 3 Implementation Agreement entered into, or to
      be entered into, amongst RPM, Plateau and Richtrau No. 179 (Proprietary)
      Limited 

	 	  	
       

		“Plateau” 	
      Plateau Resources (Proprietary) Limited (No.
      1996/013879/07), a private company incorporated according to the company
      laws of the Republic of South Africa 

	 	  	
       

		“Plateau Project Information” 	
      all and any information of whatever nature, documents,
      books, records, maps, assays, reports, papers, tapes, disks, models and
      the like in respect of, relating to and/or in connection with the Project
      Area in the possession or under the control of Plateau as at the Effective
      Date, including (without limitation) all geological, geophysical,
  

 

Page 6

			
      geochemical and geostatistical information
      pertaining thereto which may have been obtained, developed or acquired by it in relation to the Project Area 

	 	  	
       

		“PPL” 	
      Potgietersrust Platinums Limited (No.
      1925/008353/06), a public company incorporated according to the company laws of
      the Republic of South Africa 

	 	  	
       

		“Portion” 	
      that portion of the Mining Right depicted by
      the figure ABCDEFA on Plan “1” annexed hereto, measuring approximately 602,13 (SIX ZERO TWO comma ONE THREE) hectares 

	 	  	
       

		“Prime” 	
      the publicly quoted basic rate of interest
      (per centum, per annum, compounded monthly in
      arrear and calculated on a 365 (THREE HUNDRED AND SIXTY FIVE) day year irrespective
      of whether the year is a leap year) from time to time
      published by the Standard Bank of South Africa Limited
      as being its prime overdraft interest rate for its
      most favoured corporate customers as certified by any manager of such bank whose authority, appointment and designation need not
      be proved 

 

Page 7

		“Project Area” 	
      the areas covered by the Prospecting Rights
      and the Portion and any other areas which may from time to time be encompassed by prospecting rights and/or mining rights issued to or held by Boikgantsho 

	 	  	
       

		“Prospecting Rights” 	
      the prospecting rights set out in Schedule B
      which have been granted in terms of Item 6
      of Schedule II to the MPRDA to Plateau
  

	 	  	
       

		“RPM” 	
      Rustenburg Platinum Mines Limited (No.
      1931/003380/06), a public company incorporated in accordance with the company laws of the Republic of South Africa 

	 	  	
       

		“Sale Assets” 	
      collectively, the Prospecting Rights, the
      Portion, and the Plateau Project Information
      

	 	  	
       

		“Sale of Business Agreement” 	
      the sale of business agreement concluded
      between PPL and RPM on 21 December 2007 

	 	  	
       

		“Sale of Shares Agreements” 	
      the sale of shares agreements entered into,
      or to be entered into, between, inter alia, the
      Parties for the sale by RPM and Plateau of
      their shareholding in Boikgantsho to Richtrau
      No. 179 (Proprietary) Limited

 

Page 8

	 	“Signature Date” 	
      the date of last signature of this Agreement 

	 	  	
      

		“Subsequent Project Information” 	
      all and any information of whatever nature, documents,
      records, books, maps, assays, reports, papers, tapes, disks, models and
      the like in respect of, relating to and/or in connection with the Portion
      in the possession or under the control of RPM as at the BFS Date,
      including (without limitation) all geological, geophysical, geochemical
      and geostatistical information pertaining thereto which may have been
      obtained, developed or acquired by it in relation to the Portion from the
      Effective Date to the BFS Date 

	 	  	
      

		“Term Loan” 	
      the Term Loan Agreement entered into between RPM and
      Plateau on 31 October 2006 

	 	  	
      

		“Transitional Arrangements” 	
      the transitional arrangements set out in Schedule II of
      the MPRDA providing for the conversion of “old order” mineral rights to
      prospecting rights and/or mining rights (as defined in the MPRDA), as the
      case may be. 

	2.3 	
      If any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it is only in the

 

Page 9

		
      definition clause, effect shall be given to it as if it
      were a substantive provision of this Agreement.

	 	 
	2.4 	
      Unless inconsistent with the context, an expression which
      denotes any gender includes the other genders; a natural person includes
      an artificial person and vice versa; and the singular includes the plural
      and vice versa.

	 	 
	2.5 	
      Unless inconsistent with the context or save where the
      contrary is expressly indicated:

	2.5.1 	
      if any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it appears only in this interpretation clause, effect
      shall be given to it as if it were a substantive provision of this
      Agreement;

	 	 
	2.5.2 	
      a reference to "days" shall be construed as calendar days
      unless qualified by the word "business", in which instance a "business
      day" shall be any day other than a Saturday, Sunday or official public
      holiday in the Republic of South Africa. Any reference to "business hours"
      shall be construed as being the hours between 08h30 and 17h00 on any
      business day. Any reference to time shall be based upon South African
      Standard Time;

	 	 
	2.5.3 	
      when any number of days is prescribed in this Agreement,
      same shall be reckoned exclusively of the first and inclusively of the
      last day unless the last day falls on a day which is not a business day,
      in which case the last day shall be the next succeeding business
    day;

 

Page 10

	2.5.4 	
      in the event that the day for payment of any amount due
      in terms of this Agreement should fall on a day which is not a business
      day, the relevant day for payment shall be the subsequent business
    day;

	 	 
	2.5.5 	
      in the event that the day for performance of any
      obligation to be performed in terms of this Agreement should fall on a day
      which is not a business day, the relevant day for performance shall be the
      subsequent business day;

	 	 
	2.5.6 	
      any reference in this Agreement to an enactment is to
      that enactment as at the Signature Date and as amended or re-enacted from
      time to time;

	 	 
	2.5.7 	
      any reference in this Agreement to this Agreement or to
      any other agreement or document shall be construed as a reference to this
      Agreement or (as the case may be) such other agreement or document, as the
      same may have been, or may from time to time be, amended, varied, novated
      or supplemented; and

	 	 
	2.5.8 	
      no provision of this Agreement constitutes a stipulation
      for the benefit of any person who is not a party to this
  Agreement.

	2.6 	
      The use of the word "including" followed by a specific
      example shall not be construed as limiting the meaning of the general
      wording preceding it and the eiusdem generis rule shall not be
      applied in the interpretation of such general wording or such specific
      example.

	 	 
	2.7 	
      The expiration or termination of this Agreement shall not
      affect such of the provisions of this Agreement as expressly provide that
      they will operate

 

Page 11

		
      after any such expiration or termination or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the clauses themselves do not expressly
      provide for this.

	 	 
	2.8 	
      The rule of construction that in the case of ambiguity,
      the contract shall be interpreted against the party responsible for the
      drafting or preparation of this Agreement, shall not apply.

	 	 
	2.9 	
      The schedules to this Agreement form an integral part
      hereof and words and expressions defined in this Agreement shall bear,
      unless the context otherwise requires, the same meaning in such
      schedules.

	 	 
	2.10 	
      Any defined terms used herein not separately defined in
      clause 2.2 shall bear the meaning assigned thereto in the JV
    Agreement.

	 	 
	2.11 	
      Any reference in this Agreement to this Agreement or to
      any other agreement shall be construed as a reference to this Agreement or
      such other agreement as the same may have been, or may, from time to time
      be amended, varied, novated or supplemented.

	3. 	INTRODUCTION

	3.1 	
      RPM and Plateau have until the Signature Date conducted
      the Joint Venture in respect of the Boikgantsho Project pursuant to and in
      terms of the JV Agreement.

	 	 
	3.2 	
      The JV Agreement contemplated that RPM and Plateau would
      in due course incorporate their respective rights and entitlements in
      respect of the Joint Venture into a private limited liability company in
      order, amongst

 

Page 12

		
      others, to allow for the future commercial exploitation
      of the Boikgantsho Project.

	 	 
	3.3 	
      Plateau and RPM have resolved to proceed with the
      restructuring of their respective interests in the Boikgantsho Project
      through a private limited liability company, Boikgantsho, on the terms and
      conditions set out in this Agreement, and then to terminate the JV
      Agreement.

	 	 
	3.4 	
      As at the Signature Date each of RPM and Plateau hold 1
      (ONE) ordinary share in Boikgantsho and have appointed 3 (THREE) directors
      each to the board of directors of Boikgantsho.

	 	 
	3.5 	
      The Parties wish to record their agreement in
    writing.

	4. 	CONVERSION, AMENDMENT AND CONSENTS TO
      CEDE RIGHTS 

	4.1 	
      Without limiting the generality of the foregoing and/or
      the further provisions of this clause 4, in order to expedite the
      incorporation of the Boikgantsho Project on the basis contemplated in this
      Agreement and to procure the cession to Boikgantsho of the Prospecting
      Rights, Plateau shall as soon as possible after the Signature Date, submit
      an application for Ministerial Consent to the sale and cession of the
      Prospecting Rights to Boikgantsho.

	 	 
	4.2 	
      If the application for Ministerial Consent to cede the
      Prospecting Rights to Boikgantsho shall be refused, the Parties shall
      immediately consult with each other in utmost good faith, with a view to
      agreeing and thereafter promptly taking, individually and/or jointly as
      necessary, all such reasonable legal or other steps as they may be advised
      (and which are acceptable to them, acting reasonably) in order to procure
      the lawful and

 

Page 13

		
      valid cession to Boikgantsho of an undivided 100% (ONE
      HUNDRED PERCENT) share of the Prospecting Rights, on a basis which will
      not unduly prejudice any of the rights or interests of either Plateau or
      RPM in respect of the Boikgantsho Project as contemplated in the JV
      Agreement. The Parties recognise that, in such event, such steps may
      include (but are not limited to) the further pursuit by RPM and/or Plateau
      of all and any legal rights or remedies available to it and/or them
      relating to the application referred to in clause 4.1 (including an
      application in terms of s103(4)(b) of the MPRDA and/or the institution of
      review proceedings), it being further agreed that, in such case, the
      Parties shall co-operate fully with and assist each other to prosecute to
      their final end and determination all such administrative, legal, appeal
      and/or review proceedings as may, in the written opinion of senior legal
      counsel appointed by the Parties, be available to them in order to achieve
      their common objective of indirectly vesting in the ultimate shareholders
      of Boikgantsho, all right, title and interest in and to an undivided 100%
      share of the Prospecting Rights.

	 	 
	4.3 	
      Should the steps envisaged in clause 4.2 fail to vest in
      Boikgantsho title to the Prospecting Rights the Parties shall negotiate in
      good faith alternative structures to place them in substantially the same
      commercial position as if the Prospecting Rights had been ceded to
      Boikgantsho.

	 	 
	4.4 	
      In respect of the Portion the following provisions shall
      apply between RPM, Plateau and Boikgantsho:

	4.4.1 	
      the Parties record that PPL has sold to RPM, in terms of
      the Sale of Business Agreement, the Mining Right;

 

Page 14

	4.4.2 	
      the Mining Right has yet to come into existence, PPL
      being the holder of an Old Order Mining Right;

	 	 
	4.4.3 	
      PPL will transfer to RPM the Mining Right once conversion
      has been procured in terms of Item 7 of Schedule II to the MPRDA and
      Ministerial Consent has been procured in terms of Section 11 of the MPRDA
      for the cession of the Mining Right from PPL to RPM;

	 	 
	4.4.4 	
      RPM shall subsequent to the Effective Date, and provided
      that Boikgantsho has lent the money required for the purposes as
      contemplated in clause 4.4.6, incur all exploration costs on the area
      covered by the Portion, which is sufficient to procure the finalisation of
      a Bankable Feasibility Study on the Project Area, including the Portion.
      Such costs shall be for the sole account of RPM from the Effective Date to
      the BFS Date;

	 	 
	4.4.5 	
      subsequent to the Effective Date and until the BFS Date
      the conduct of the exploration activities in order to procure the Bankable
      Feasibility Study to the extent that it relates to the Portion shall be
      done in the name of, and provided that Boikgantsho has lent the money
      required for the exploration activities as contemplated in clause 4.4.6,
      for the account of RPM, provided that RPM shall adhere to the reasonable
      instructions, orders and requirements of Boikgantsho in regard to such
      exploration where such instructions, orders and requirements are in
      accordance with a budget and technical work programme approved for the
      Project Area by Boikgantsho;

 

Page 15

	4.4.6 	
      Boikgantsho shall lend to RPM the necessary funds to
      conduct the exploration referred to in clauses 4.4.4 and 4.4.5 above,
      which money shall be lent by Boikgantsho to RPM insofar as such money is
      required to comply with the provisions of clauses 4.4.4 and 4.4.5. Such
      loan shall attract interest at Prime (unless otherwise agreed to between
      the Parties, provided that the interest rate shall always equal the
      interest rate on the loan referred to in clause 9.3) from the date that
      the money is lent by Boikgantsho to RPM to the date of repayment by RPM to
      Boikgantsho in accordance with the provisions of clause 4.4.7 and RPM
      shall be obliged to provide Boikgantsho, on a monthly basis, with a
      reconciliation of all amounts so expended and shall pay over any monies
      lent and not expended, which monies shall reduce the outstanding balance
      of the loan provided by Boikgantsho;

	 	 
	4.4.7 	
      Boikgantsho shall, with effect from the BFS Date,
      purchase from RPM the Subsequent Project Information at a purchase price
      which shall equal the amount of the loan outstanding plus accrued interest
      thereon referred to in clause 4.4.6. RPM shall use the sale proceeds to
      repay the said loan plus accrued interest;

	 	 
	4.4.8 	
      with effect from the BFS Date, Boikgantsho and RPM shall
      submit an application for consent in terms of Section 11 of the MPRDA for
      the sub-division and cession of that portion of the Mining Right
      attributable to the Portion to Boikgantsho, the costs of which application
      shall be borne by Boikgantsho. RPM shall render whatever reasonable
      assistance is required to procure such sub- division and
  cession;

 

Page 16

	4.4.9 	
      no liability shall attach to RPM in any manner whatsoever
      should the application for sub-division and/or cession of the Portion be
      refused by the Minister;

	 	 
	4.4.10 	
      if the application for Ministerial consent to sub-divide
      the Mining Right to create the Portion and/or transfer the Portion to
      Boikgantsho shall be refused, the Parties shall immediately consult with
      each other in utmost good faith, with a view to agreeing and thereafter
      promptly taking, individually and/or jointly as necessary, all such
      reasonable legal or other steps as they may be advised (and which are
      acceptable to them, acting reasonably) in order to procure the lawful and
      valid cession to Boikgantsho of an undivided 100% (ONE HUNDRED PERCENT)
      share of the Portion, on a basis which will not unduly prejudice any of
      the rights or interests of either Plateau or RPM in respect of the
      Boikgantsho Project as contemplated in the JV Agreement. The Parties
      recognise that, in such event, such steps may include (but are not limited
      to) the further pursuit by RPM or Plateau of all and any legal rights or
      remedies available to it relating to the application referred to in this
      clause 4.4.10 (including an application in terms of Section 103(4)(b) of
      the MPRDA and/or the institution of review proceedings), it being further
      agreed, that in such case, the Parties shall cooperate fully with and
      assist each other to prosecute to their final end and determination all
      such administrative, legal, appeal and/or review proceedings as may, in
      the written opinion of senior legal counsel appointed by the Parties, be
      available to them in order to achieve their common objective of indirectly
      vesting in the ultimate shareholders of Boikgantsho, all right, title and
      interest in and

 

Page 17

		
      to an undivided 100% (ONE HUNDRED PERCENT) share of the
      Portion; and

	 	 
	4.4.11 	
      should the steps envisaged in clause 4.4.10 fail to vest
      in Boikgantsho title to the Portion, the Parties shall negotiate in good
      faith alternative structures to place them substantially in the same
      commercial position as if the Portion had been ceded to
  Boikgantsho.

	5. 	SALE OF RIGHTS

	5.1 	
      On and with effect from the Effective Date Plateau sells,
      cedes and makes over to Boikgantsho, which hereby purchases and accepts
      cession of the Prospecting Rights and the Plateau Project
    Information.

	 	 
	5.2 	
      On and with effect from the Fulfilment Date, RPM sells,
      cedes and makes over to Boikgantsho, which hereby purchases and accepts
      cession of the Portion.

	 	 
	5.3 	
      The sale in clause 5.1 shall be subject to the terms and
      conditions set out in this Agreement, it being expressly agreed that, to
      the extent legally necessary to implement the Parties’ intentions as
      recorded herein, the sale in clauses 5.1 and 5.2 shall constitute one
      indivisible transaction.

	6. 	SUSPENSIVE CONDITIONS
  

	6.1 	
      This entire Agreement, save for this clause 6 and clauses
      1 to 3 (both inclusive) clauses 4.1 and 4.4 and clauses 12 to 17 (both
      inclusive), is suspensive upon Boikgantsho being registered for
      value-added tax in terms

 

Page 18

		
      of the Value Added Tax Act 1991 to the extent that the
      Parties deem it necessary.

	 	 
	6.2 	
      The sale in clause 5.1 shall be suspensive upon the
      further conditions that:

	6.2.1 	
      Ministerial Consent is obtained, for the sale and cession
      of the Prospecting Rights from Plateau to Boikgantsho, in writing by any
      of the Parties; and

	 	 
	6.2.2 	
      the Phase 3 Implementation Agreement shall have become
      unconditional in accordance with its terms, save insofar as it may be
      conditional on this Agreement becoming
unconditional.

	6.3 	
      Should the suspensive condition in clause 6.1 not be
      fulfilled by 31 March 2008 or such later date as the Parties may agree in
      writing, this entire Agreement (including but not limited to the sale in
      5.2) shall lapse and cease to be of any further force or effect.

	 	 
	6.4 	
      Should the suspensive conditions in clause 6.2 not be
      fulfilled by the last date for fulfilment of the conditions precedent to
      the Phase 3 Implementation Agreement, this entire Agreement (excluding the
      sale in clause 5.2) shall lapse and cease to be of any further force or
      effect and RPM shall procure that Boikgantsho assumes any and all of RPM’s
      rights and obligations in accordance with the provisions of the JV
      Agreement.

	7. 	
      PURCHASE PRICE OF SALE ASSETS

	 	 
		
      Boikgantsho shall pay to, respectively, RPM and Plateau,
      the following purchase considerations in respect of the Sale
  Assets:

 

Page 19

	7.1 	
      to Plateau, the sum of R850 000 000 (EIGHT HUNDRED AND
      FIFTY MILLION RAND) for the Prospecting Rights;

	 	 
	7.2 	
      to Plateau, the sum referred to in clause 9.1 for the
      Plateau Project Information; and

	 	 
	7.3 	
      to RPM, the sum of R850 000 000 (EIGHT HUNDRED AND FIFTY
      MILLION RAND) for the Portion.

	8. 	PAYMENT OF THE PURCHASE PRICE
  

	 	
      The purchase consideration in respect of the Sale Assets
      (save for the Plateau Project Information which is dealt with in clause 9)
      shall be paid by Boikgantsho as follows: 

	8.1 	on the Closing Date: 

	8.1.1 	
      Boikgantsho shall discharge its obligation to pay to
      Plateau the purchase consideration payable in respect of the Prospecting
      Rights by the allotment and issue to Plateau, at an issue price (inclusive
      of share premium thereon) of R850 000 000 (EIGHT HUNDRED AND FIFTY MILLION
      RAND) in aggregate, of 49 (FORTY NINE) Ordinary Shares of R1 (ONE RAND)
      each, credited as fully paid-up, in the issued share capital of
      Boikgantsho;

	 	 
	8.1.2 	
      Boikgantsho shall discharge its obligation to pay to RPM
      the portion of the purchase consideration payable in respect of the
      Portion, by the allotment and issue to RPM, at an issue price (inclusive
      of share premium thereon) of R850 000 000 (EIGHT HUNDRED AND
  FIFTY

 

Page 20

		
      MILLION RAND) in aggregate, of 49 (FORTY NINE) Ordinary
      Shares of R1 (ONE RAND) each, credited as fully paid-up, in the issued
      share capital of Boikgantsho; and

	 	 
	8.1.3 	
      any value-added tax payable by Boikgantsho in respect of
      any of the Sale Assets shall be owed by Boikgantsho on loan account to
      Plateau or RPM, pending receipt by Boikgantsho of any value-added tax
      refund arising therefrom, which loan account claims shall be repaid by
      Boikgantsho to Plateau or RPM, as the case may be, forthwith upon receipt
      by it of the refund concerned, and

	8.2 	
      each of Plateau and RPM have elected that the sale to
      Boikgantsho of, respectively, the Sale Assets, or any part thereof, shall
      constitute a company formation transaction within the meaning of section
      42 of the Income Tax Act, and Boikgantsho concurs with such election and
      pursuant thereto undertakes, to do all such things, take all such steps
      and execute all such documents as Plateau and/or RPM may reasonably
      require in order to give effect thereto.

	9. 	PURCHASE PRICE FOR PLATEAU PROJECT
      INFORMATION 

	9.1 	
      In regard to the Plateau Project Information the Parties
      shall forthwith after the Effective Date determine the purchase price
      thereof which shall be calculated as an amount of R59 002 125 (FIFTY NINE
      MILLION TWO THOUSAND ONE HUNDRED AND TWENTY FIVE RAND) (which is the
      amount of exploration costs directly incurred by Plateau on the Project
      Area up to the Signature Date) plus all direct exploration costs incurred
      by Plateau on the Project Area from the Signature Date to the Effective
      Date

 

Page 21

		
      as certified in accordance with clause 9.2. Such further
      exploration costs may be incurred only with the written consent of RPM,
      which consent shall not be unreasonably withheld.

	 	 
	9.2 	
      By no later than 10 (TEN) business days after the
      Effective Date, Plateau shall furnish Boikgantsho and RPM with a detailed
      reconciliation statement in respect of the exploration costs referred to
      in clause 9.1, certified as correct by Plateau’s and RPM’s auditors. RPM
      shall be entitled, at any time during the period of 10 (TEN) business days
      after receipt of the said reconciliation statement reasonably to inspect
      the books and records of Plateau in order verify the correctness and/or
      accuracy of the exploration costs. If RPM wishes to dispute any such
      exploration costs, it shall by no later than 3 (THREE) months after
      receipt of the said reconciliation statement notify Plateau in writing,
      giving full details, of the matters or items in respect of the exploration
      costs that it disputes, and failing agreement in writing between the
      Parties in respect of any consequential adjustment to the exploration
      costs arising therefrom within 1 (ONE) calendar month thereafter, any
      adjustment to the exploration costs arising from any such disputed matter
      or item shall be determined by the auditors of Richtrau No. 179
      (Proprietary) Limited, acting as experts and not arbitrators. For purposes
      of making such determination, the auditors of Richtrau No. 179
      (Proprietary) Limited shall be entitled at all reasonable times to have
      unrestricted access to the books and records of Plateau relating to the
      Boikgantsho Project, and their determination thereof shall be final and
      binding on the Parties, save in the case of manifest error. In the event
      that any Party shall allege a manifest error by the auditors, such
      allegation, if disputed, shall be resolved in terms of clause 13. The
      auditors shall be

 

Page 22

		
      entitled to determine the Party responsible for the costs
      of their determination; failing which the costs shall be borne in equal
      shares by the Parties to such dispute.

	 	 
	9.3 	
      Boikgantsho shall with effect from the Effective Date
      credit in its books and records the Plateau Project Information purchase
      price (as adjusted in terms of clause 9.2, if applicable) as a
      shareholders’ loan account in the name of Plateau. The loan shall bear
      interest at Prime (or as otherwise agreed to by the Parties in writing
      provided that the interest rate for purposes of this clause 9.3 and clause
      4.4.6 shall at all times be equal) from the Effective Date to the date of
      repayment by Boikgantsho and be repayable by Boikgantsho to Plateau on
      demand at any time after the issue of the shares referred to in clause
      8.1.1.

	 	 
	9.4 	
      RPM shall purchase 49% (FORTY NINE PERCENT) of the loan
      referred to in 9.3 with effect from the Effective Date from Plateau and
      the outstanding amount under the Term Loan shall be reduced by the amount
      of the consideration for the firstmentioned loan by operation of set
      off.

	10. 	DELIVERY OF SALE ASSETS
  

	10.1 	
      Against compliance by Boikgantsho with its obligations in
      terms of clause 8.1, Plateau shall cede and deliver to Boikgantsho the
      Prospecting Rights for which purpose delivery thereof shall be evidenced
      by way of the lodgement thereof in the MPTRO for registration of transfer
      to Boikgantsho, together with Ministerial Consent to the cession and
      transfer thereof to Boikgantsho. The Parties shall co-operate in all
      reasonable respects in relation to procuring the registration by the MPTRO
      in the name of Boikgantsho of the Prospecting

 

Page 23

		
      Rights, and all requisite regulatory consents relating
      thereto, as expeditiously as possible after the Closing Date.

	 	 
	10.2 	
      RPM shall cede and deliver to Boikgantsho the Portion,
      subject to the provisions of clause 4.4.8, for which purpose delivery
      thereof shall be evidenced by way of the lodgement thereof in the MPTRO
      for registration of transfer to Boikgantsho, together with Ministerial
      consent to the sub-division and transfer thereof to Boikgantsho. The
      Parties shall co-operate in all reasonable respects in relation to
      procuring the registration by the MPTRO in the name of Boikgantsho of the
      Portion, and all requisite regulatory consents relating thereto, as
      expeditiously as possible after the BFS Date.

	 	 
	10.3 	
      Plateau shall deliver the Plateau Project Information to
      Boikgantsho on the Effective Date by making provision for Boikgantsho to
      take delivery thereof, subject to Boikgantsho having complied with the
      provisions of clauses 8.1.1 and 8.1.2
respectively.

	11. 	INTERIM PERIOD

	11.1 	
      Plateau and RPM each warrant and undertake in favour of
      the other of them and Boikgantsho, and Boikgantsho hereby reciprocally
      warrants and undertakes in favour of each of Plateau and RPM, that it
      shall (insofar as it is legally able to) procure that, between the
      Signature Date and the Effective Date, the Boikgantsho Project will be
      carried on in substantially the usual and ordinary course on the same
      basis as it was being conducted immediately prior to the Signature Date,
      and otherwise in compliance with the provisions of the JV Agreement, which
      JV Agreement shall terminate on the Effective
Date.

 

Page 24

	11.2 	
      Between the Effective Date and the date of registration
      of cession of the Prospecting Rights in the name of Boikgantsho in the
      MPTRO, Plateau and RPM hereby appoint Boikgantsho as an independent
      contractor to conduct prospecting operations for and on behalf of RPM and
      Plateau in respect of the area covered thereby from the Effective Date to
      the date of registration of cession of the Prospecting Rights to
      Boikgantsho in the MPTRO, to the extent that the Parties deem it necessary
      to conduct such prospecting operations; provided that RPM and Plateau
      shall reimburse Boikgantsho (pro rata to their indirect shareholding in
      Boikgantsho) for the costs of conducting such activities and RPM and
      Plateau shall pass ownership of the information and data collected to
      Boikgantsho on the date of registration of cession of the Prospecting
      Rights in the name of Boikgantsho in the
MPTRO.

	12. 	BREACH 

	 	
      Should any Party ("the Defaulting Party") commit a breach
      of any of the provisions hereof, then any of the other Parties ("the
      Aggrieved Party") shall, if it wishes to enforce its rights hereunder, be
      obliged to give the Defaulting Party 14 (FOURTEEN) days’ written notice to
      remedy the breach. If the Defaulting Party fails to comply with such
      notice, the Aggrieved Party shall be entitled only to claim immediate
      payment and/or performance by the Defaulting Party of all of the
      Defaulting Party's obligations whether or not the due date for payment
      and/or performance shall have arrived, without prejudice only to the
      Aggrieved Party's rights to claim damages. 

 

Page 25

	13. 	ARBITRATION

	 	
      Any dispute (whether contractual or delictual) between
      the Parties in regard to the interpretation of; the effect of; the
      Parties’ respective rights and obligations under; a breach of or any other
      matter arising out of; this Agreement shall be decided in accordance with
      the dispute resolution provisions set out in clause 17 of the JV
      Agreement, all of which are deemed to have been specifically incorporated
      herein. 

	14. 	DOMICILIUM

	14.1 	
      The Parties hereto choose domicilia citandi et executandi
      for all purposes of and in connection with this agreement as
    follows:

	Name 	Physical Address 	Telefax 
	  	  	  
	Plateau 	82 Grayston Drive 	+27-11-883 0836 
	  	Sandton 	  
	  	Johannesburg 	  
	  	2146 	  

Marked for the attention of: The Chief
Financial Officer

	Name 	Physical Address 	Telefax 
	  	  	  
	RPM and Boikgantsho 	55 Marshall Street 	+27-11- 373-5111 
	  	Johannesburg 	  
	  	2001 	  

Marked for the attention of: The
Company Secretary

	14.2 	
      Any Party hereto shall be entitled to change its
      domicilium from time to time, provided that any new domicilium selected by
      it shall be an address other than a box number, and any such change shall
      only be effective upon receipt of notice in writing by the other Party of
      such change.

 

Page 26

	14.3 	
      All notices, demands, communications or payments intended
      for a Party shall be made or given at such Party's domicilium for the time
      being.

	 	 
	14.4 	
      A notice sent by one Party to another Party shall be
      deemed to be received:

	14.4.1 	
      on the same day, if delivered by hand;

	 	 
	14.4.2 	
      on the same day of transmission if sent by telefax, with
      receipt received confirming completion of transmission, provided that the
      original of the notice shall, after such transmission, be posted by
      prepaid registered mail to the Party to whom such notice shall have been
      given;

	 	 
	14.4.3 	
      on the 5th (FIFTH) day after despatch, if sent
      by prepaid courier.

	14.5 	
      Notwithstanding anything to the contrary herein contained
      a written notice or communication actually received by a party shall be an
      adequate written notice or communication to it notwithstanding that it was
      not sent to or delivered at its chosen domicilium citandi et
      executandi.

	15. 	COSTS 

Each of the Parties shall bear its own
costs of and incidental to the negotiation, preparation and execution of this
Agreement. Boikgantsho shall bear the costs of registration of the Sale Assets
into its name, together with the costs of procuring all applications for
Ministerial Consents contemplated in clause 4.

Page 27

	16. 	VALUE-ADDED TAX

	 	
      All amounts cited in this Agreement are cited exclusive
      of Value Added Tax (“VAT”). Insofar as the sale of any Sale Asset
      contemplated herein shall attract value-added tax, the purchase
      consideration in respect of the Sale Asset concerned shall be increased by
      an amount equal to such value-added tax. In such event, Boikgantsho shall
      be obliged, on written demand delivered to it by Plateau or RPM, as the
      case may be, to pay the amount of such value-added tax (including, without
      limitation, all penalties and/or interest which shall have accrued in
      respect of and/or relating to value-added tax payable in respect of such
      sale transaction recorded in this Agreement) to Plateau or RPM, as the
      case may be, against delivery of an appropriate VAT invoice.
  

	17. 	GENERAL 

	17.1 	
      This document constitutes the sole record of the
      agreement between the Parties in regard to the subject matter thereof, and
      shall substitute and replace the JV Agreement with effect from the
      Effective Date.

	 	 
	17.2 	
      No Party shall be bound by any express or implied term,
      representation, warranty, promise or the like, not recorded
  herein.

	 	 
	17.3 	
      No addition to, variation or consensual cancellation of
      this Agreement shall be of any force or effect unless in writing and
      signed by or on behalf of the Parties.

	 	 
	17.4 	
      No indulgence which any of the Parties ("the Grantor")
      may grant to the other ("the Grantee") shall constitute a waiver of any of
      the rights of the Grantor, who shall not thereby be precluded from
      exercising any rights

 

Page 28

		
      against the Grantee(s) which might have arisen in the
      past or which might arise in the future.

	 	 
	17.5 	
      The Parties undertake at all times to do all such things,
      to perform all such acts and to take all such steps and to procure the
      doing of all such things, the performance of all such actions and the
      taking of all such steps as may be open to them and necessary for or
      incidental to the putting into effect or maintenance of the terms,
      conditions and import of this agreement.

	 	 
	17.6 	
      No Party shall be entitled to cede, delegate or otherwise
      transfer all or any of its rights, interest or obligations under and in
      terms of this Agreement except with the prior written consent of the other
      Parties.

	 	 
	17.7 	
      If any provision of this Agreement, which is not material
      to its efficacy as a whole, is rendered void, illegal or unenforceable in
      any respect under any law, the validity, legality and enforceability of
      the remaining provisions shall not in any way be affected or impaired
      thereby and the Parties shall endeavour in good faith to agree an
      alternative provision to the void, illegal or unenforceable
    provision.

SIGNED at ________________________ on this the ______
day of __________ 2008.

	 	For and on behalf of 
	 	RUSTENBURG PLATINUM MINES LIMITED
    
	 	  
	 	  
	 	  
	 	
	 	Name: 
	 	Capacity: 
	 	Who warrants his authority hereto

 

Page 29

SIGNED at ________________________ on this the 
______ day of __________ 2008.

	 	For and on behalf of 
	 	PLATEAU RESOURCES (PROPRIETARY)
    
	 	LIMITED 
	 	  
	 	  
	 	
	 	Name: 
	 	Capacity: 
	 	Who warrants his authority hereto

SIGNED at ________________________ on this the ______
day of __________ 2008.

	 	For and on behalf of 
	 	BOIKGANTSHO PLATINUM MINE 
	 	(PROPRIETARY) LIMITED 
	 	  
	 	  
	 	  
	 	
	 	Name: 
	 	Capacity: 
	 	Who warrants his authority hereto

 

Page 30

SCHEDULE 1

PROSPECTING RIGHTS

 

 

Page 31

ANNEX 1

PORTION

 

 

FIRST ADDENDUM TO THE SALE OF
  RIGHTS

AGREEMENT

 

amongst

 

RUSTENBURG PLATINUM MINES
  LIMITED

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED

 

and

 

BOIKGANTSHO PLATINUM MINE
  (PROPRIETARY) 

LIMITED

 

FIRST ADDENDUM TO THE SALE OF RIGHTS
  AGREEMENT

DATED 28 MARCH 2008

amongst

RUSTENBURG PLATINUM MINES LIMITED 

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

and

BOIKGANTSHO PLATINUM MINE (PROPRIETARY)
  LIMITED

(“the Agreement”)

AMENDMENTS TO THE AGREEMENT

	1. 	Clause 6 of the Agreement is hereby amended by the
      deletion of clause 6.4 and the substitution therefor of the
      following:

	 	“6.4 	Should the suspensive conditions in clause 6.2
      not be fulfilled by the last 
	 	 	date for fulfilment of the conditions precedent
      to the Phase 3 
	 	 	Implementation Agreement: 

	 	6.4.1 	this entire Agreement (excluding the sale in clause 5.2)
      shall lapse and cease to be of any further force or effect;

	 	 	 
	 	6.4.2 	the Parties shall procure that:

 

Page 2

	 	6.4.2.1 	any and all of the shares in Boikgantsho which are then
      held by Plateau are forthwith transferred to RPM; and

	 	 	 
	 	6.4.2.2 	contemporaneously with the transfer of shares in
      Boikgantsho referred to in clause 6.4.2.1, Boikgantsho shall assume any
      and all of RPM’s rights and obligations in terms of the JV Agreement, with
      effect from the date on which this Agreement lapses in accordance with
      clause 6.4.1 above; and

	 	6.4.3 	notwithstanding any and all previous amendments thereto,
      the then parties to the JV Agreement shall implement clause 6.11.7 of the
      JV Agreement as if the 6 (SIX) months contemplated therein commences on
      the date that this Agreement lapses in accordance with clause 6.4.1
      above.”

	2. 	Clause 7 of the Agreement is hereby amended by the
      deletion of the reference to “R850 000 000 (EIGHT HUNDRED AND FIFTY
      MILLION RAND)” where it appears in clauses 7.1 and 7.3 and the
      substitution therefor of “R613 890 000 (SIX HUNDRED AND THIRTEEN MILLION
      AND EIGHT HUNDRED AND NINETY THOUSAND RAND)”.

	 	 
	3. 	Clause 8 of the Agreement is hereby amended by the
      deletion of the reference to “R850 000 000 (EIGHT HUNDRED AND FIFTY
      MILLION RAND)” where it appears in clauses 8.1.1 and 8.1.2 and the
      substitution therefor of “R613 890 000

    

 

Page 3

(SIX HUNDRED AND THIRTEEN MILLION AND
  EIGHT HUNDRED AND NINETY THOUSAND RAND)”.

THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.

	 	For and on behalf of 
	 	 
	 	RUSTENBURG PLATINUM MINES LIMITED 
	 	 
	 	by 
	 	
	 	who warrants his authority hereto 

THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.

	 	For and on behalf of 
	 	 
	 	PLATEAU RESOURCES (PROPRIETARY) 
	 	LIMITED 
	 	 
	 	 
	 	by 
	 	 
	 	
	 	who warrants his authority hereto 

   

Page 4

THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.

	 	For and on behalf of 
	 	 
	 	BOIKGANTSHO PLATINUM MINE 
	 	(PROPRIETARY) LIMITED 
	 	 
	 	 
	 	by
	 	 
	 	 
	 	who warrants his authority hereto 

   

SECOND ADDENDUM TO THE SALE OF
  RIGHTS

AGREEMENT

 

amongst

 

RUSTENBURG PLATINUM MINES
  LIMITED

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED

 

and

 

BOIKGANTSHO PLATINUM MINE
  (PROPRIETARY) 

LIMITED

 

SECOND ADDENDUM TO THE SALE OF RIGHTS
  AGREEMENT 

DATED 28 MARCH 2008

amongst

RUSTENBURG PLATINUM MINES LIMITED

 PLATEAU RESOURCES (PROPRIETARY) LIMITED 

and

BOIKGANTSHO PLATINUM MINE (PROPRIETARY)
  LIMITED

(“the Agreement”)

AMENDMENTS TO THE AGREEMENT

	1. 	Clause 2.2 of the Agreement is hereby amended by the
      deletion of the definition of “Fulfilment Date” and its substitution
      therefor of the following definition:

	 	“Fulfilment Date” 	25 March 2008 

	2. 	Clause 6 of the Agreement is hereby deleted and
      substituted therefor by the following:

Page 2

	 	“6 	SUSPENSIVE CONDITIONS 

	 	6.1 	This entire Agreement (save in respect of this clause 6
      and clauses 1 to 4 (both inclusive), 5.2, 7 (excluding clause 7.2), 8,
      10.2, 11.1 and 12 to 17 (both inclusive) which shall be of immediate force
      and effect and binding on the Parties) is subject to the fulfilment of the
      following suspensive conditions by not later than the dates respectively
      specified below for the fulfilment of such suspensive conditions, or such
      later date as the Parties may agree in
      writing:

	 	6.1.1 	by not later than a date to be agreed in writing between
      the Parties, the Ministerial Consent in respect of the sale and cession of
      the Prospecting Rights from Plateau to Boikgantsho shall have been
      obtained in writing by any of the Parties; and

	 	 	 
	 	6.1.2 	by not later than the last date for the fulfilment of the
      conditions precedent to the Phase 3 Implementation Agreement, the Phase 3
      Implementation Agreement shall have become unconditional in accordance
      with its terms.

	 	6.2 	The Parties shall use their respective reasonable
      commercial endeavours to procure the fulfilment of the suspensive
      conditions in clause 6.1 (“Conditions”), as soon as reasonably possible
      after the Signature Date.

    

 

Page 3

	 	6.3 	If the Condition in clause 6.1.1shall not have been
      fulfilled by the date determined in terms of clause 6.1.1 for its
      fulfilment or if the Condition in clause 6.1.2 shall not have been
      fulfilled by the date specified in clause 6.1.2 for its
      fulfilment:

	 	6.3.1 	this Agreement (save for this clause 6 and clauses 1 to 4
      (both inclusive), 5.2, 6.2, 7 (excluding 7.2), 8, 10.2 and 12 to 17 (both
      inclusive) which shall remain of full force and effect and binding on the
      Parties) shall be of no force or effect and none of the Parties shall have
      any claim against the others of them for anything done hereunder or
      arising hereout; and

	 	 	 
	 	6.3.2 	the Parties shall procure
      that:

	 	6.3.2.1 	any and all of the shares in Boikgantsho which are then
      held by Plateau are forthwith transferred to RPM; and

	 	 	 
	 	6.3.2.2 	contemporaneously with the transfer of shares in
      Boikgantsho referred to in clause 6.3.2.1, Boikgantsho shall assume any
      and all of RPM’s rights and obligations in terms of the JV Agreement, with
      effect from the date on which this Agreement lapses in accordance with
      clause 6.3.1 above; and

	 	6.3.3 	notwithstanding any and all previous amendments thereto,
      the then parties to the JV Agreement shall implement clause 6.11.7 of the
      JV Agreement as if the 6 (SIX) months contemplated

    

 

Page 4

therein commences on the date that
  this Agreement lapses in accordance with clause 6.3.1 above.”

	3. 	Clause 8.1 of the Agreement is hereby amended by the
      insertion of the words “and immediately before the implementation of the
      agreements specified in clause 5 of the Phase 3 Implementation Agreement”
      immediately after the words “on the Closing Date” where they appear in
      that clause.

	 	 
	4. 	Clause 10.1 of the Agreement is hereby amended by the
      deletion of the words “Closing Date” where they appear in the last line of
      that clause and the substitution therefor of the words “Effective
      Date”.

THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of  ________________________ 2009.

	 	For and on behalf of 
	 	 
	 	RUSTENBURG PLATINUM MINES LIMITED 
	 	 
	 	by 
	 	
	 	who warrants his authority hereto 

   

Page 5

THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.

	 	For and on behalf of 
	 	 
	 	PLATEAU RESOURCES (PROPRIETARY) 
	 	LIMITED 
	 	 
	 	by 
	 	 
	 	 
	 	
	 	who warrants his authority hereto 

THUS DONE and SIGNED at ___________________________ on this
  the  ________________ day of ________________________ 2009.

	 	For and on behalf of 
	 	 
	 	BOIKGANTSHO PLATINUM MINE 
	 	(PROPRIETARY) LIMITED 
	 	 
	 	by  
	 	 
	 	 
	 	
	 	who warrants his authority heretoFiled by sedaredgar.com - Anooraq Resources Corporation - Exhibit 4.12

CIS/ANGL6-CS8 
1004JL 
28.03.08 

 

SALE OF RIGHTS AGREEMENT 

 

 

amongst 

 

 

RUSTENBURG PLATINUM MINES LIMITED 

 

 

PLATEAU RESOURCES (PROPRIETARY) LIMITED

 

 

and 

 

 

RICHTRAU NO. 207 (PROPRIETARY) LIMITED 

(To be renamed “Kwanda Platinum Mine (Proprietary) Limited”)

 

CIS/ANGL6-CS8 
1004(MU3)JL 
14/03/2008 

	TABLE OF
      CONTENTS 

	1.
      	PARTIES
      	1
      
	 	 	 
	2.
      	INTERPRETATION
      	1
      
	 	 	 
	3.
      	INTRODUCTION
      	8
      
	 	 	 
	4.
      	CONVERSION,
      AMENDMENT AND CONSENTS TO CEDE RIGHTS 	9
      
	 	 	 
	5.
      	SALE
      OF RIGHTS 	11
      
	 	 	 
	6.
      	SUSPENSIVE
      CONDITIONS 	11
      
	 	 	 
	7.
      	PURCHASE
      PRICE OF SALE ASSETS 	12
      
	 	 	 
	8.
      	PAYMENT
      OF THE PURCHASE PRICE 	12
      
	 	 	 
	9.
      	DELIVERY
      OF SALE ASSETS 	14
      
	 	 	 
	10.
      	INTERIM
      PERIOD 	14
      
	 	 	 
	11.
      	BREACH
      	15
      
	 	 	 
	12.
      	ARBITRATION
      	16
      
	 	 	 
	13.
      	DOMICILIUM
      	16
      
	 	 	 
	14.
      	COSTS
      	18
      
	 	 	 
	15.
      	VALUE-ADDED
      TAX 	18
      
	 	 	 
	16.
      	GENERAL
      	18
      

 

	SCHEDULE
      A: 	PROSPECTING
      RIGHTS 

CIS/ANGL6-CS8 
1004(MU3)JL 
14/03/2008 

SALE OF RIGHTS AGREEMENT

	1. 	
      PARTIES

	1.1 	
      PLATEAU RESOURCES (PROPRIETARY)
    LIMITED

	 	 
	1.2 	
      RUSTENBURG PLATINUM MINES LIMITED

	 	 
	1.3 	
      RICHTRAU NO. 207 (PROPRIETARY)
    LIMITED

	2. 	
      INTERPRETATION

	2.1 	
      The headnotes to the clauses of this agreement are
      inserted for reference purposes only and shall in no way govern or affect
      the interpretation hereof.

	 	 
	2.2 	
      Unless inconsistent with the context, the expressions set
      forth below shall bear the following meanings:

		“this Agreement” 	
      this sale of rights agreement together with the schedules
      thereto 

	 	  	
       

		“Closing Date” 	
      the Closing Date defined in the Phase 3 Implementation
      Agreement 

	 	  	
       

		“Effective Date” 	
      the date of the fulfilment of the suspensive conditions
      in clause 6 

	 	  	
       

	 	“Income Tax Act” 	
      the Income Tax Act, No 58 of 1962

	CIS/ANGL6-CS8 
	1004(MU3)JL 
	14/03/2008 
	Page 2 

	 	“JV Agreement” 	
      the notarial joint venture agreement concluded between,
      inter alia, Plateau and RPM on 16 May 2002 as amended, regulating their
      rights, interests, entitlements and obligations in respect of the Kwanda
      Project and all schedules or annexes thereto and any agreements entered
      into between RPM and Plateau in relation thereto (save for this Agreement)
      

	 	  	
       

	 	“Joint Venture” 	
      the joint venture in respect of the Kwanda Project
      established by and between Plateau and RPM in terms of the JV Agreement
      

	 	  	
       

	 	“Kwanda” 	
      Richtrau No. 207 (Proprietary) Limited (No.
      2008/003368/07), a company incorporated in accordance with the company
      laws of the Republic of South Africa 

	 	  	
       

	 	“Kwanda Project” 	
      the prospecting and exploration for, mining and
      commercial exploitation of, PGMs in, on or under the Project Area and all
      matters relating or ancillary thereto, as more fully described in the JV
      Agreement 

	 	  	
       

	 	“Minister” 	
      the Minister of Minerals and Energy

	 	“Ministerial Consent” 	
      the consent of the Minister contemplated in section 11(1)
      of the MPRDA 

	 	  	
       

	 	“MPRDA” 	
      the Mineral and Petroleum Resources Development Act, 2002
      (Act 28 of 2002) 

	 	  	
       

	 	“MPTRO” 	
      the Mineral and Petroleum Titles Registration Office
    

	 	  	
       

	 	“Ordinary Shares” 	
      ordinary shares in the issued share capital of Kwanda, as
      constituted from time to time 

	 	  	
       

	 	“Parties” 	
      RPM, Plateau and Kwanda 

	 	  	
       

	 	“PGMs” 	
      platinum, palladium, rhodium, ruthenium, iridium and
      osmium and the metals and minerals mineralogically associated therewith,
      including but not limited to gold, silver, copper, nickel, chrome and
      cobalt, together with any such metals and minerals which may be extracted
      from the normal mining of the first mentioned minerals 

	 	  	
       

	 	“Phase 3 Implementation
      Agreement” 	
      the Phase 3 Implementation Agreement entered or to be
      entered into amongst RPM, Plateau and Richtrau No. 179 (Proprietary)
      Limited 

	 	“Plateau” 	
      Plateau Resources (Proprietary) Limited (No.
      1996/013879/07), a private company incorporated according to the company
      laws of the Republic of South Africa 

	 	  	
       

	 	“Project Area” 	
      the areas covered by the Prospecting Rights and any other
      areas which may from time to time be encompassed by prospecting rights
      and/or mining rights issued to or held by Kwanda 

	 	  	
       

	 	“Project Information” 	
      all and any information of whatever nature, documents,
      books, records, maps, assays, reports, papers, tapes, disks, models and
      the like in respect of, relating to and/or in connection with the Project
      Area in the possession or under the control of Plateau as at the Effective
      Date, including (without limitation) all geological, geophysical,
      geochemical and geostatistical information pertaining thereto which may
      have been obtained, developed or acquired by it in respect of the Project
      Area 

	 	  	
       

	 	“Prospecting Rights” 	
      the prospecting rights set out in Schedule B which have
      been granted in terms of Item 6 of 

  

	 		
      Schedule II to the MPRDA to RPM and Plateau as to 50%
      (FIFTY PERCENT) undivided shares each 

	 	  	
       

	 	“RPM” 	
      Rustenburg Platinum Mines Limited (No. 1931/003380/06), a
      public company incorporated in accordance with the company laws of the
      Republic of South Africa 

	 	  	
       

	 	“Sale Assets” 	
      collectively, the Prospecting Rights and the Project
      Information 

	 	  	
       

	 	“Sale of Shares
      Agreements” 	
      the sale of shares agreements entered or to be entered
      into between, inter alia, the Parties for the sale by RPM and Plateau of
      their shareholding in Kwanda to Richtrau No. 179 (Proprietary) Limited
    

	 	  	
       

	 	“Signature Date” 	
      the date of last signature of this Agreement 

	 	  	
       

	 	“Transitional
      Arrangements” 	
      the transitional arrangements set out in Schedule II of
      the MPRDA providing for the conversion of “old order” mineral rights to
      prospecting rights and/or mining rights (as defined in the MPRDA), as the
      case may be. 

	2.3 	
      If any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it is only in the

		
      definition clause, effect shall be given to it as if it
      were a substantive provision of this Agreement.

	 	 
	2.4 	
      Unless inconsistent with the context, an expression which
      denotes any gender includes the other genders; a natural person includes
      an artificial person and vice versa; and the singular includes the plural
      and vice versa.

	 	 
	2.5 	
      Unless inconsistent with the context or save where the
      contrary is expressly indicated:

	2.5.1 	
      if any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it appears only in this interpretation clause, effect
      shall be given to it as if it were a substantive provision of this
      Agreement;

	 	 
	2.5.2 	
      a reference to "days" shall be construed as calendar days
      unless qualified by the word "business", in which instance a "business
      day" shall be any day other than a Saturday, Sunday or official public
      holiday in the Republic of South Africa. Any reference to "business hours"
      shall be construed as being the hours between 08h30 and 17h00 on any
      business day. Any reference to time shall be based upon South African
      Standard Time;

	 	 
	2.5.3 	
      when any number of days is prescribed in this Agreement,
      same shall be reckoned exclusively of the first and inclusively of the
      last day unless the last day falls on a day which is not a business day,
      in which case the last day shall be the next succeeding business
    day;

	2.5.4 	
      in the event that the day for payment of any amount due
      in terms of this Agreement should fall on a day which is not a business
      day, the relevant day for payment shall be the subsequent business
    day;

	 	 
	2.5.5 	
      in the event that the day for performance of any
      obligation to be performed in terms of this Agreement should fall on a day
      which is not a business day, the relevant day for performance shall be the
      subsequent business day;

	 	 
	2.5.6 	
      any reference in this Agreement to an enactment is to
      that enactment as at the Signature Date and as amended or re-enacted from
      time to time;

	 	 
	2.5.7 	
      any reference in this Agreement to this Agreement or to
      any other agreement or document shall be construed as a reference to this
      Agreement or (as the case may be) such other agreement or document, as the
      same may have been, or may from time to time be, amended, varied, novated
      or supplemented; and

	 	 
	2.5.8 	
      no provision of this Agreement constitutes a stipulation
      for the benefit of any person who is not a party to this
  Agreement.

	2.6 	
      The use of the word "including" followed by a specific
      example shall not be construed as limiting the meaning of the general
      wording preceding it and the eiusdem generis rule shall not be
      applied in the interpretation of such general wording or such specific
      example.

	2.7 	
      The expiration or termination of this Agreement shall not
      affect such of the provisions of this Agreement as expressly provide that
      they will operate after any such expiration or termination or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the clauses themselves do not expressly
      provide for this.

	 	 
	2.8 	
      The rule of construction that, in the event of ambiguity,
      the contract shall be interpreted against the party responsible for the
      drafting or preparation of this Agreement, shall not apply.

	 	 
	2.9 	
      The schedules to this Agreement form an integral part
      hereof and words and expressions defined in this Agreement shall bear,
      unless the context otherwise requires, the same meaning in such
      schedules.

	 	 
	2.10 	
      Any defined terms used herein not separately defined in
      clause 2.2 shall bear the meaning assigned thereto in the JV
    Agreement.

	 	 
	2.11 	
      Any reference in this Agreement to this Agreement or to
      any other agreement shall be construed as a reference to this Agreement or
      such other agreement, as the case may have been, or may from time to time
      be amended, varied or novated.

	3. 	
      INTRODUCTION

	3.1 	
      RPM and Plateau have until the Signature Date conducted
      the Joint Venture in respect of the Kwanda Project pursuant to and in
      terms of the JV Agreement.

	3.2 	
      The JV Agreement contemplated that RPM and Plateau would
      in due course incorporate their respective rights and entitlements in
      respect of the Joint Venture into a private limited liability company in
      order, amongst others, to allow for the future commercial exploitation of
      the Kwanda Project.

	 	 
	3.3 	
      Plateau and RPM have resolved to proceed with the
      restructuring of their respective interests in the Kwanda Project through
      a private limited liability company, Kwanda, on the terms and conditions
      set out in this Agreement and then to terminate the JV
Agreement.

	 	 
	3.4 	
      As at the Signature Date each of RPM and Plateau hold 50
      (FIFTY) ordinary shares in Kwanda and have appointed one director each to
      the Board of Directors of Kwanda.

	 	 
	3.5 	
      The Parties wish to record their agreement in
    writing.

	4. 	
      CONVERSION, AMENDMENT AND CONSENTS TO CEDE
      RIGHTS

	4.1 	
      Without limiting the generality of the foregoing and/or
      the further provisions of this clause 4, in order to expedite the
      incorporation of the Kwanda Project on the basis contemplated in this
      Agreement and to procure the cession to Kwanda of the Prospecting Rights
      in respect of the entire Project Area, Plateau and RPM shall as soon as
      possible after the Signature Date, submit an application for Ministerial
      Consent to the sales referred to in clause 5 and to the cessions of the
      Prospecting Rights to Kwanda.

	4.2 	
      If the application for Ministerial Consent to cede the
      Prospecting Rights to Kwanda shall be refused, the Parties shall
      immediately consult with each other in utmost good faith, with a view to
      agreeing and thereafter promptly taking, individually and/or jointly as
      necessary, all such reasonable legal or other steps as they may be advised
      (and which are acceptable to them, acting reasonably) in order to procure
      the lawful and valid cession to Kwanda of an undivided 100% (ONE HUNDRED
      PERCENT) share of the Prospecting Rights in respect of the Project Area,
      on a basis which will not unduly prejudice any of the rights or interests
      of either Plateau or RPM in respect of the Kwanda Project as contemplated
      in the JV Agreement. The Parties recognise that, in such event, such steps
      may include (but are not limited to) the further pursuit by RPM and/or
      Plateau of all and any legal rights or remedies available to it and/or
      them relating to the application referred to in clause 4.1 (including an
      application in terms of s103(4)(b) of the MPRDA and/or the institution of
      review proceedings), it being further agreed that, in such case, the
      Parties shall co-operate fully with and assist each other to prosecute to
      their final end and determination all such administrative, legal, appeal
      and/or review proceedings as may, in the written opinion of senior legal
      counsel appointed by the Parties, be available to them in order to achieve
      their common objective of indirectly vesting in the ultimate shareholders
      of Kwanda, all right, title and interest in and to an undivided 100% share
      of the Prospecting Rights in respect of the Project Area.

	 	 
	4.3 	
      Should the steps envisaged in clause 4.2 fail to vest in
      Kwanda title to the Prospecting Rights the Parties shall negotiate in good
      faith alternative

structures to place them in
substantially the same commercial position as if the Prospecting Rights had been
ceded to Kwanda.

	5. 	
      SALE OF RIGHTS

	 	 
		
      On and with effect from the Effective
  Date:

	5.1 	
      Plateau sells, cedes and makes over to Kwanda, which
      hereby purchases and accepts cession of, its undivided 50% (FIFTY PERCENT)
      share of the Prospecting Rights, and its undivided 50% (FIFTY PERCENT)
      share of the Project Information;

	 	 
	5.2 	
      RPM sells, cedes and makes over to Kwanda, which hereby
      purchases and accepts cession of, its undivided 50% (FIFTY PERCENT) share
      of the Prospecting Rights;

		
      subject to the terms and conditions set out in this
      Agreement, it being expressly agreed that to the extent legally necessary
      to implement the Parties’ intentions as recorded herein the sales in
      clause 5.1 and 5.2 shall constitute one indivisible transaction.

	 	 
	6. 	
      SUSPENSIVE
CONDITIONS

	6.1 	
      This entire Agreement, save for this clause 6 and clauses
      1 to 4.1 (both inclusive) and 11 to 16 (both inclusive) is suspensive
      upon:

	6.1.1 	
      Kwanda being registered for value-added tax in terms of
      the Value Added Tax Act 1991;

	6.1.2 	
      the Ministerial Consent in respect of all the
      applications referred to in clause 4 being received in writing by any 1
      (ONE) or more of the Parties;

	 	 
	6.1.3 	
      the Phase 3 Implementation Agreement becoming
      unconditional in accordance with its terms, save insofar as it may be
      conditional on this Agreement being
unconditional.

	6.2 	
      Should the suspensive conditions not be fulfilled by the
      last date for the fulfilment of the conditions precedent to the Phase 3
      Implementation Agreement, this Agreement shall lapse and cease to be of
      any further force or effect.

	7. 	
      PURCHASE PRICE OF SALE ASSETS

	 	 
		
      Kwanda shall pay to, respectively, RPM and Plateau, the
      following purchase considerations in respect of the Sale
  Assets:

	7.1 	
      to Plateau, the sum of R15 000 000 (FIFTEEN MILLION
      RAND); and

	 	 
	7.2 	
      to RPM, the sum of R15 000 000 (FIFTEEN MILLION
    RAND).

	8. 	
      PAYMENT OF THE PURCHASE PRICE

	 	 
		
      The purchase consideration in respect of the Sale Assets
      shall be paid by Kwanda as follows:

	8.1 	
      on the Closing Date:

	8.1.1 	
      Kwanda shall discharge its obligation to pay to Plateau
      the purchase consideration payable in respect of its 50% (FIFTY PERCENT)
      of the Prospecting Rights and its interest in the Project Information, by
      the allotment and issue to Plateau, at an issue price (inclusive of share
      premium thereon) of R15 000 000 (FIFTEEN MILLION RAND) in aggregate, of 50
      (FIFTY) Ordinary Shares of R1 (ONE RAND) each, credited as fully paid-up,
      in the issued share capital of Kwanda;

	 	 
	8.1.2 	
      Kwanda shall discharge its obligation to pay to RPM the
      portion of the purchase consideration payable in respect of its 50% (FIFTY
      PERCENT) of the Prospecting Rights, by the allotment and issue to RPM, at
      an issue price (inclusive of share premium thereon) of R15 000 000
      (FIFTEEN MILLION RAND) in aggregate, of 50 (FIFTY) Ordinary Shares of R1
      (ONE RAND) each, credited as fully paid-up, in the issued share capital of
      Kwanda; and

	 	 
	8.1.3 	
      any value-added tax payable by Kwanda in respect of any
      of the Sale Assets shall be owed by Kwanda on loan account to Plateau or
      RPM, pending receipt by Kwanda of any value-added tax refund arising
      therefrom, which loan account claims shall be repaid by Kwanda to Plateau
      or RPM, as the case may be, forthwith upon receipt by it of the refund
      concerned, and

	8.2 	
      each of Plateau and RPM hereby elect that the sale to
      Kwanda of, respectively, the Sale Assets, or any part thereof, shall
      constitute a company formation transaction within the meaning of section
      42 of the Income Tax Act, and Kwanda hereby concurs with such election
      and

pursuant thereto undertakes, to do all
such things, take all such steps and execute all such documents as Plateau
and/or RPM may reasonably require in order to give effect thereto.

	9. 	
      DELIVERY OF SALE
ASSETS

	9.1 	
      Against compliance by Kwanda with its obligations in
      terms of clause 8.1, Plateau and RPM shall cede and deliver to Kwanda the
      Prospecting Rights for which purpose delivery thereof shall be evidenced
      by way of the lodgement thereof in the MPTRO for registration of transfer
      to Kwanda, together with Ministerial Consent to the cession and transfer
      thereof to Kwanda. The Parties shall co-operate in all reasonable respects
      in relation to procuring the registration by the MPTRO in the name of
      Kwanda of the Prospecting Rights, and all requisite regulatory consents
      relating thereto, as expeditiously as possible after the Closing
    Date.

	 	 
	9.2 	
      Against compliance by Kwanda with the provisions of
      clauses 8.1.1 and 8.1.2, Plateau shall deliver to Kwanda the Project
      Information by arranging for Kwanda to take delivery
  thereof.

	10. 	
      INTERIM PERIOD

	10.1 	
      Plateau and RPM each warrant and undertake in favour of
      the other of them and Kwanda, and Kwanda hereby reciprocally warrants and
      undertakes in favour of each of Plateau and RPM, that it shall (insofar as
      it is legally able to) procure that, between the Signature Date and the
      Effective Date, the Kwanda Project will be carried on in substantially the
      usual and ordinary course on the same basis as it was being
    conducted

		
      immediately prior to the Signature Date, and otherwise in
      compliance with the provisions of the JV Agreement, which JV Agreement
      shall terminate on the Effective Date.

	 	 
	10.2 	
      Between the Effective Date and the date of registration
      of cession of the Prospecting Rights in the name of Kwanda in the MPTRO,
      Plateau and RPM hereby appoint Kwanda as an independent contractor to
      conduct prospecting operations for and on behalf of RPM and Plateau from
      the Effective Date to the date of registration of cession of the
      Prospecting Rights to Kwanda in the MPTRO, to the extent that the Parties
      deem it necessary to conduct such prospecting operations; provided that
      RPM and Plateau shall reimburse Kwanda (pro rata to their indirect
      shareholding in Kwanda) for the costs of conducting such activities and
      RPM and Plateau shall pass ownership of the information and data collected
      to Kwanda on the date of registration of cession of the Prospecting Rights
      in the name of Kwanda in the MPTRO.

	11. 	
      BREACH

	 	 
		
      Should any Party ("the Defaulting Party") commit a breach
      of any of the provisions hereof, then any of the other Parties ("the
      Aggrieved Party") shall, if it wishes to enforce its rights hereunder, be
      obliged to give the Defaulting Party 14 (FOURTEEN) days’ written notice to
      remedy the breach. If the Defaulting Party fails to comply with such
      notice, the Aggrieved Party shall be entitled only to claim immediate
      payment and/or performance by the Defaulting Party of all of the
      Defaulting Party's obligations whether or not the due date for payment
      and/or

		
      performance shall have arrived, in either event without
      prejudice to the Aggrieved Party's rights only to claim damages.

	 	 
	12. 	
      ARBITRATION

	 	 
		
      Any dispute (whether contractual or delictual) between
      the Parties in regard to the interpretation of; the effect of; the
      Parties’ respective rights and obligations under; a breach of or any other
      matter arising out of; this Agreement shall be decided in accordance with
      the dispute resolution provisions set out in clause 17 of the JV
      Agreement, all of which are deemed to have been specifically incorporated
      herein.

	 	 
	13. 	
      DOMICILIUM

	13.1 	
      The Parties hereto choose domicilia citandi et executandi
      for all purposes of and in connection with this agreement as
    follows:

	Name 	Physical Address 	Telefax 
	  	  	  
	Plateau 	82 Grayston Drive 	+27-11-883 0836 
	  	Sandton 	  
	  	Johannesburg 	  
	  	2146 	  

Marked for the attention of: The Chief
Financial Officer 

	Name 	Physical Address 	Telefax 
	  	  	  
	RPM and Kwanda 	55 Marshall Street 	+27-11- 373-5111 
	  	Johannesburg 	  
	  	2001 	  

Marked for the attention of: The Company
  Secretary 

	13.2 	
      Any Party hereto shall be entitled to change its
      domicilium from time to time, provided that any new domicilium selected by
      it shall be an address other than a box number, and any such change shall
      only be effective upon receipt of notice in writing by the other Party of
      such change.

	 	 
	13.3 	
      All notices, demands, communications or payments intended
      for a Party shall be made or given at such Party's domicilium for the time
      being.

	 	 
	13.4 	
      A notice sent by one Party to another Party shall be
      deemed to be received:

	13.4.1 	
      on the same day, if delivered by hand;

	 	 
	13.4.2 	
      on the same day of transmission if sent by telefax, with
      receipt received confirming completion of transmission, provided that the
      original of the notice shall, after such transmission, be posted by
      prepaid registered mail to the Party to whom such notice shall have been
      given;

	 	 
	13.4.3 	
      on the 5th (FIFTH) day after despatch, if sent
      by prepaid courier.

	13.5 	
      Notwithstanding anything to the contrary herein contained
      a written notice or communication actually received by a party shall be an
      adequate written notice or communication to it notwithstanding that it was
      not sent to or delivered at its chosen domicilium citandi et
      executandi.

	14. 	
      COSTS

	 	 
		
      Each of the Parties shall bear its own costs of and
      incidental to the negotiation, preparation and execution of this
      Agreement. Kwanda shall bear the costs of registration of the Sale Assets
      into its name, together with the costs of procuring all applications for
      Ministerial Consent contemplated in clause 4.

	 	 
	15. 	
      VALUE-ADDED TAX

	 	 
		
      All amounts cited in this Agreement are cited exclusive
      of Value Added Tax (“VAT”). Insofar as the sale of any Sale Asset
      contemplated herein shall attract value-added tax, the purchase
      consideration in respect of the Sale Asset concerned shall be increased by
      an amount equal to such value-added tax. In such event, Kwanda shall be
      obliged, on written demand delivered to it by Plateau or RPM, as the case
      may be, to pay the amount of such value-added tax (including, without
      limitation, all penalties and/or interest which shall have accrued in
      respect of and/or relating to value-added tax payable in respect of such
      sale transaction recorded in this Agreement) to Plateau or RPM, as the
      case may be, against delivery of an appropriate VAT invoice.

	 	 
	16. 	
      GENERAL

	16.1 	
      This document constitutes the sole record of the
      agreement between the Parties in regard to the subject matter thereof, and
      shall substitute and replace the JV Agreement with effect from the
      Effective Date.

	 	 
	16.2 	
      No Party shall be bound by any express or implied term,
      representation, warranty, promise or the like, not recorded
  herein.

	16.3 	
      No addition to, variation or consensual cancellation of
      this Agreement shall be of any force or effect unless in writing and
      signed by or on behalf of the Parties.

	 	 
	16.4 	
      No indulgence which any of the Parties ("the Grantor")
      may grant to the other ("the Grantee") shall constitute a waiver of any of
      the rights of the Grantor, who shall not thereby be precluded from
      exercising any rights against the Grantee(s) which might have arisen in
      the past or which might arise in the future.

	 	 
	16.5 	
      The Parties undertake at all times to do all such things,
      to perform all such acts and to take all such steps and to procure the
      doing of all such things, the performance of all such actions and the
      taking of all such steps as may be open to them and necessary for or
      incidental to the putting into effect or maintenance of the terms,
      conditions and import of this agreement.

	 	 
	16.6 	
      No Party shall be entitled to cede, delegate or otherwise
      transfer all or any of its rights, interest or obligations under and in
      terms of this Agreement except with the prior written consent of the other
      Parties.

	 	 
	16.7 	
      If any provision of this Agreement, which is not material
      to its efficacy as a whole, is rendered void, illegal or unenforceable in
      any respect under any law, the validity, legality and enforceability of
      the remaining provisions shall not in any way be affected or impaired
      thereby and the Parties shall endeavour in good faith to agree an
      alternative provision to the void, illegal or unenforceable
    provision.

SIGNED at ________________________ on this the ______
day of __________ 2008. 

For and on behalf of

RUSTENBURG PLATINUM MINES LIMITED

_____________________________________
Name: 
Capacity:

Who warrants his authority hereto 

 

SIGNED at ________________________ on this the ______
day of  __________2008. 

For and on behalf of 
PLATEAU
RESOURCES (PROPRIETARY) LIMITED 

 

_____________________________________
Name: 
Capacity:

Who warrants his authority hereto 

 

SIGNED at ________________________ on this the ______
day of __________ 2008. 

For and on behalf of

  RICHTRAU NO. 207 (PROPRIETARY) LIMITED

 

_____________________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

CIS/RUST2-CS3 
1059/NLH 
02/03/2007 

SCHEDULE A

SCHEDULE OF PROSPECTING RIGHTS

 

 

ANGL12-CS19 

  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19 

  ADDENDUM TO KWANDA SALE OF RIGHTS AGR) 

  AC/gvh 

  06.05.09 

 

FIRST ADDENDUM TO THE SALE OF RIGHTS 

AGREEMENT

 

amongst 

 

RUSTENBURG PLATINUM MINES LIMITED 

 

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

 

and 

 

KWANDA PLATINUM MINE (PROPRIETARY) LIMITED

(formerly Richtrau No 207 (Proprietary) Limited) 

 

ANGL12-CS19 

  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19 

  ADDENDUM TO KWANDA SALE OF RIGHTS AGR) 

  AC/gvh 

FIRST ADDENDUM TO THE SALE OF RIGHTS AGREEMENT

DATED 28 MARCH 2008 

  amongst 

  RUSTENBURG PLATINUM MINES LIMITED

  PLATEAU RESOURCES (PROPRIETARY) LIMITED 

  and 

  KWANDA PLATINUM MINE (PROPRIETARY) LIMITED

(“the Agreement”) 

AMENDMENTS TO THE AGREEMENT

	1. 	Clause 5.1 of the Agreement is hereby amended by the
      deletion of the words “its undivided 50% (FIFTY PERCENT) share of” in the
      third line of that clause.

	 	 
	2. 	Clause 7 of the Agreement is hereby amended by the
      deletion of the reference to “R15 000 000 (FIFTEEN MILLION RAND)” where it
      appears in clauses 7.1 and 7.2 and the substitution therefor of “R10 833
      350 (TEN MILLION EIGHT HUNDRED AND THIRTY THREE THOUSAND AND THREE HUNDRED
      AND FIFTY RAND)”.

	 	 
	3. 	Clause 8 of the Agreement is hereby amended by the
      deletion of the reference to “R15 000 000 (FIFTEEN MILLION RAND)” where it
      appears in clauses 8.1.1 and

 

	ANGL12-CS19 
	(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19 
	ADDENDUM TO KWANDA SALE OF RIGHTS AGR) 
	AC/gvh 
	Page 2 

8.1.2 and the substitution therefor of “R10 833 350 (TEN
  MILLION EIGHT HUNDRED AND THIRTY THREE THOUSAND AND THREE HUNDRED AND FIFTY
  RAND)”. 

 

THUS DONE and SIGNED at ___________________________ on this
  the ________________ day of  ________________________2009. 

For and on behalf of 

RUSTENBURG PLATINUM MINES
  LIMITED 

by 

  _____________________________________

  who warrants his
  authority hereto 

 

THUS DONE and SIGNED at ___________________________ on this
  the ________________ day of  ________________________ 2009. 

For and on behalf of 

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED 

by 

  _____________________________________

  who warrants his authority hereto 

 

 

	ANGL12-CS19 
	(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19 
	ADDENDUM TO KWANDA SALE OF RIGHTS AGR) 
	AC/gvh 
	Page 3

 

 

THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009. 

For and on behalf of 

KWANDA PLATINUM MINE (PROPRIETARY)
  LIMITED 

by 

  _____________________________________

  who warrants his authority hereto 

 

ANGL12-CS19 

  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19 

  SECOND ADDENDUM TO KWANDA SALE OF RIGHTS AGR) 

  AC 

  26.06.09 

 

 

SECOND ADDENDUM TO THE SALE OF RIGHTS 

AGREEMENT

 

amongst 

 

RUSTENBURG PLATINUM MINES LIMITED 

 

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

 

and 

 

KWANDA PLATINUM MINE (PROPRIETARY) LIMITED

(formerly Richtrau No 207 (Proprietary) Limited) 

 

ANGL12-CS19 

  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19 

  SECOND ADDENDUM TO KWANDA SALE OF RIGHTS AGR) 

  AC 

 

SECOND ADDENDUM TO THE SALE OF RIGHTS AGREEMENT 

DATED 28 MARCH 2008 

amongst 

RUSTENBURG PLATINUM MINES LIMITED

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

and 

KWANDA PLATINUM MINE (PROPRIETARY) LIMITED

(“the Agreement”) 

AMENDMENTS TO THE AGREEMENT

	1. 	Clause 6 of the Agreement is hereby deleted and
      substituted therefor by the following:

	 	“6 	SUSPENSIVE CONDITIONS 

	 	6.1 	This entire Agreement (save in respect of this clause 6
      and clauses 1 to 4 (both inclusive), 7, 8, 10.1 and 11 to 16 (both
      inclusive) which shall be of immediate force and effect and binding on the
      Parties) is subject to the fulfilment of the following suspensive
      conditions by not later than the dates respectively specified below for
      the fulfilment of

	ANGL12-CS19 
	(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19 
	SECOND ADDENDUM TO KWANDA SALE OF RIGHTS AGR) 
	AC 
	Page 2 

such suspensive conditions, or such
  later date as the Parties may agree in writing:

	 	6.1.1 	by not later than a date to be agreed in writing between
      the Parties, the Ministerial Consent in respect of all the applications
      referred to in clause 4 shall have been received by any 1 (ONE) or more of
      the Parties; and

	 	 	 
	 	6.1.2 	by not later than the last date for the fulfilment of the
      conditions precedent to the Phase 3 Implementation Agreement, the Phase 3
      Implementation Agreement shall have become unconditional in accordance
      with its terms.

	 	6.2 	The Parties shall use their respective reasonable
      commercial endeavours to procure the fulfilment of the suspensive
      conditions in clause 6.1 (“Conditions”), as soon as reasonably possible
      after the Signature Date. If the Condition in clause 6.1.1 shall not have
      been fulfilled by the date determined in terms of clause 6.1.1 for its
      fulfilment or if the Condition in clause 6.1.2 shall not have been
      fulfilled by the date specified in clause 6.1.2 for its fulfilment, this
      Agreement (save for this clause 6.2 and clauses 1 to 3 (both inclusive),
      4, 7, 8and 11 to 16 (both inclusive) which shall remain of full force and
      effect and binding on the Parties) shall be of no force or effect and none
      of the Parties shall have any claim against the others of them for
      anything done hereunder or arising hereout.”

	ANGL12-CS19 
	(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19 
	SECOND ADDENDUM TO KWANDA SALE OF RIGHTS AGR) 
	AC 
	Page 3

	2. 	Clause 8.1 of the Agreement is hereby amended by the
      insertion of the words “and immediately before the implementation of the
      agreements specified in clause 5 of the Phase 3 Implementation Agreement”
      immediately after the words “on the Closing Date” where they appear in
      that clause.

	 	 
	3. 	Clause 9.1 of the Agreement is hereby amended by the
      deletion of the words “Closing Date” where they appear in the last line of
      that clause and the substitution therefor of the words “Effective
      Date”.

 

THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009. 

For and on behalf of 

RUSTENBURG PLATINUM MINES
  LIMITED 

by 

  _____________________________________

  who warrants his authority hereto 

 

	ANGL12-CS19 
	(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19 
	SECOND ADDENDUM TO KWANDA SALE OF RIGHTS AGR) 
	AC 
	Page 4

THUS DONE and SIGNED at ___________________________ on this
  the ________________ day of ________________________ 2009. 

 

For and on behalf of 

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED 

by 

  _____________________________________

  who warrants his
  authority hereto 

 

 

THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009. 

 

For and on behalf of 

KWANDA PLATINUM MINE (PROPRIETARY)
  LIMITED 

by 

  _____________________________________

  who warrants his authority hereto

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