Document:

Exhibit 10.14
                                                                  EXECUTION COPY

             ------------------------------------------------------

                          LOAN CLAIMS PLEDGE AGREEMENT
                       (ERSTRANGIGE FORDERUNGSVERPFANDUNG)

             ------------------------------------------------------

                                DATED 8 JUNE 2004

                                     BETWEEN

                      BCP CAYLUX HOLDINGS LUXEMBOURG S.C.A.

                                   AS PLEDGOR

                        DEUTSCHE BANK AG, NEW YORK BRANCH

                         AS COLLATERAL AGENT AND PLEDGEE

                                       AND

                      CERTAIN OTHER FINANCIAL INSTITUTIONS

                                   AS PLEDGEES

                                BAKER & MCKENZIE
                                    FRANKFURT

THIS AGREEMENT is dated 8 June 2004 and made between:

(1)    BCP CAYLUX HOLDINGS LUXEMBOURG S.C.A., a corporate partnership limited by
       shares (societe en commandite par actions) established under the laws of
       the Grand Duchy of Luxembourg and registered with the Luxembourg Trade
       and Companies' Register under section B number 96771, as pledgor (the
       "PLEDGOR");

(2)    DEUTSCHE BANK AG, NEW YORK BRANCH as collateral agent (the "COLLATERAL
       AGENT"); and

(3)    the finance parties listed in Schedule 1 hereto (each of them a
       "PLEDGEE", and together with the Collateral Agent, the "PLEDGEES").

WHEREAS

(A)    The Intercompany Borrower has been established for the purpose of
       acquiring the shares in the registered capital of Celanese AG by way of a
       public offer for purchase of shares made in compliance with the German
       Takeover Act (Wertpapiererwerbs- und Ubernahmegesetz) and by other means.

(B)    The Pledgor received certain loans under a Senior Subordinated Bridge B
       Loan Agreement dated as of 6 April 2004 (the "B BRIDGE") in connection
       with the acquisition of shares in Celanese AG. The Pledgor has on-lent
       all proceeds from the loans under the B Bridge to the Intercompany
       Borrower pursuant to and on the terms and conditions set forth in the
       Intercompany Loan Agreement. Such amounts are still outstanding.

(C)    Various financing facilities are or will be made available to the Pledgor
       pursuant to the Loan Agreement, the Senior Subordinated Notes and certain
       other financing arrangements. All loans made available to the Pledgor
       under the Loan Agreement will be used to repay the amounts borrowed by
       the Pledgor under the B Bridge.

(D)    The Pledgor has agreed to grant a first ranking pledge over its claims
       against the Intercompany Borrower arising in respect of the Intercompany
       Loan Agreement in favour of the Pledgees as security for their claims
       under the Loan Agreement.

(E)    Pursuant to the Loan Agreement, the Collateral Agent acts as collateral
       agent for the Lenders thereunder.

IT IS AGREED as follows:

1.     DEFINITIONS AND INTERPRETATION

1.1    DEFINITIONS OF THE LOAN AGREEMENT

       All capitalised terms used in this Agreement (including the preamble) and
       not otherwise defined herein shall have the meanings ascribed to such
       terms in the Loan Agreement.

1.2    FURTHER DEFINED TERMS

       In this Agreement (including the preamble):

       "COLLATERAL" means the Loan Claims.

                                       1

       "ENFORCEMENT NOTICE" means a written notice delivered to the Collateral
       Agent by the Required Pledgees directing the Collateral Agent to exercise
       one or more specific rights or remedies under this Agreement.

       "INTERCOMPANY BORROWER" means BCP Crystal Acquisition GmbH & Co. KG, a
       limited partnership established under the laws of Germany and registered
       with the commercial register at the local court of Stuttgart under
       registration number HRA 13860.

       "INTERCOMPANY LOAN AGREEMENT" means the intercompany loan agreement
       between the Pledgor as lender and the Intercompany Borrower as borrower
       dated as of 6 April 2004 (a copy of which is attached hereto as Schedule
       2).

       "LOAN AGREEMENT" means the loan agreement dated as of 8 June 2004 among
       inter alia BCP Crystal Holdings Ltd. 2, the Pledgor, the Collateral Agent
       and the respective financial institutions listed in Schedule 1 hereto.

       "LOAN CLAIMS" means all present and future, actual or contingent claims
       of the Pledgor against the Intercompany Borrower under the Intercompany
       Loan Agreement, including but not limited to all claims for the repayment
       of principal, the payment of interest and all other sums payable by the
       Intercompany Borrower (including claims based on unjust enrichment
       (ungerechtfertigte Bereicherung) or tort (Delikt)).

       "LOAN DOCUMENTS" means the "Loan Documents" as such term is defined in
       the Loan Agreement.

       "LOANS" means each "Term Loan C" as defined in the Loan Agreement.

       "PLEDGE" means the pledge over the Loan Claims pursuant to Clause 2
       hereof.

       "REQUIRED PLEDGEES" means "Required Lenders" as such term is defined in
       the Loan Agreement.

       "SECURED OBLIGATIONS" means all existing, future, actual and contingent
       claims which any of the Pledgees may have, either individually or
       collectively, against the Pledgor under the Loan Agreement or any other
       Loan Document, including but not limited to, all claims for costs and
       expenses in relation to the enforcement of any security provided for such
       claims and the Parallel Debt pursuant to Section 9.19 of the Loan
       Agreement. For the avoidance of doubt, the Secured Obligations shall
       include any obligations of the Pledgor based on unjust enrichment
       (ungerechtfertigte Bereicherung) or tort (Delikt).

       "UCC" means the Uniform Commercial Code as in effect from time to time in
       the State of New York.

1.3    SUCCESSORS AND ASSIGNS

       The expressions "INTERCOMPANY BORROWER", "PLEDGOR", "PLEDGEES" and
       "COLLATERAL AGENT" shall, where the context permits, include all of their
       respective successors and assigns in their relevant capacity.

1.4    MISCELLANEOUS

       In this Agreement, unless the context requires otherwise:

                                       2

       (a)    Statutes: references to provisions of any law or regulation shall
              be construed as references to those provisions as amended,
              modified, re-enacted or replaced from time to time;

       (b)    Documents: references to this Agreement, the Loan Agreement and
              the Intercompany Loan Agreement or to any of them shall be
              construed as references to this Agreement or such document as the
              same may be amended, supplemented or restated from time to time;
              and

       (c)    Singular and Plural: save where the contrary is indicated, the
              singular of any defined term includes the plural, and vice versa.

2.     PLEDGE OF LOAN CLAIMS

2.1    The Pledgor hereby grants to the Pledgees a first ranking pledge over the
       Loan Claims as security for the Secured Obligations as further set out in
       Clause 3 hereof.

2.2    The Pledgees hereby accept such pledge.

3.     PURPOSE OF THE PLEDGE

       The Pledge shall serve as security for the due and punctual satisfaction
       of the Secured Obligations.

4.     RIGHTS OF PLEDGOR

4.1    INTEREST PAYMENTS UNDER INTERCOMPANY LOAN AGREEMENT

       Unless the Pledgees (acting through the Collateral Agent) are entitled to
       proceed with a realisation of their interests in the Loan Claims pursuant
       to Clause 7, the Pledgor shall have the right to receive and retain all
       interest payments due under the Intercompany Loan Agreement.

4.2    PRINCIPAL REPAYMENT UNDER INTERCOMPANY LOAN AGREEMENT

       Unless the Pledgees (acting through the Collateral Agent) are entitled to
       proceed with a realisation of their interests in the Loan Claims pursuant
       to Clause 7, the Pledgor shall have the right to receive and retain
       repayments of principal due under the Intercompany Loan Agreement:

       (a)    if and to the extent, after giving effect to any such payment and
              any contemporaneous application thereof by the Pledgor towards
              repayment or prepayment of the principal amount of the Loans under
              the Loan Agreement, the outstanding principal amount of the Loan
              Claims equals or exceeds the aggregate principal amount of Loans
              then outstanding under the Loan Agreement; and

       (b)    if and to the extent any such payment or distribution is made in
              accordance with Clause 5.1 of the Intercompany Loan Agreement (as
              in effect on the date hereof).

5.     REPRESENTATIONS AND WARRANTIES OF THE PLEDGOR

       The Pledgor hereby represents and warrants to each of the Pledgees that:

                                       3

5.1    Due execution of Intercompany Loan Agreement: the Intercompany Loan
       Agreement has been duly authorised, executed and delivered by the parties
       thereto, is in existence at the date hereof and has not been cancelled or
       otherwise terminated; and

5.2    Good title to Loan Claims: the Pledgor is the true and lawful holder of
       the Loan Claims, and no third party has any right, claim, title,
       interest, pledge, lien or other encumbrance or charge whatsoever in or to
       the Loan Claims (save for the Pledge hereunder).

6.     UNDERTAKINGS OF THE PLEDGOR

       The Pledgor hereby undertakes to each of the Pledgees:

6.1    No disposal: not to sell, transfer or otherwise dispose (other than by
       payments on the Loan Claims permitted under Clause 4 hereof) of all or
       part of the Loan Claims;

6.2    No encumbrance: not to encumber, create or agree to create, or permit to
       subsist, any encumbrance, other security interest or third party right in
       or over the Loan Claims (save for the Pledge hereunder);

6.3    Information of Pledgees: to notify the Pledgees, by notification in
       writing to the Collateral Agent, of its intention to cancel or otherwise
       terminate the Intercompany Loan Agreement (for the avoidance of doubt,
       the terms "cancel or otherwise terminate" shall not include payments on
       the Loan Claims permitted under Clause 4 hereof);

6.4    Submission of documentation: at the reasonable request of the Collateral
       Agent, to provide the Collateral Agent with all information, evidence and
       documents which are necessary for the examination and enforcement of the
       Loan Claims;

6.5    Attachment proceedings: to notify the Collateral Agent promptly if any
       item of the Collateral is affected by or subject to attachment
       proceedings or other similar measures. In the event of an attachment or
       other similar measure, the Pledgor shall provide the Collateral Agent, at
       its request, with a copy of the attachment or other similar measure and
       execution order as well as with all other documentation necessary to
       lodge protest against the execution and shall immediately inform the
       execution creditor in writing of the Collateral Agent's security
       interests hereunder; and

6.6    First ranking: to ensure that the Pledge will always have first ranking
       priority.

7.     RIGHT OF REALISATION

7.1    Upon the occurrence of an Event of Default which is continuing, the
       Pledgees (acting through the Collateral Agent) shall be entitled to
       revoke the Pledgor's rights pursuant to Clause 4. When the Pledgor is in
       default (for the avoidance of doubt, upon the lapse of any applicable
       grace period) with any payments in respect of the Secured Obligations,
       the Pledgees (acting through the Collateral Agent) shall be entitled to
       proceed with a realisation of the Collateral.

7.2    The Pledgees shall realise their interest in the Collateral only to the
       extent necessary to satisfy the Secured Obligations which are past due.
       The Pledgees (acting through the Collateral Agent) may, in their
       discretion, decide which of the Collateral or other security rights,
       granted for the Secured Obligations, if any, shall be realised to satisfy
       the Secured Obligations. In exercising such discretion, the Pledgees
       shall reasonably take into account

                                       4

       the legitimate interests of the Pledgor or, as the case may be, of any
       third party having provided security.

7.3    The Pledgees (acting through the Collateral Agent) shall give the Pledgor
       at least five (5) Business Days' prior written notice of the Pledgees
       intention to realise their interest in the Collateral, unless the Pledgor
       has ceased generally to pay its debts when due or when an application has
       been made for the institution of insolvency proceedings in respect of the
       assets of the Pledgor by the Pledgor or any third party, and, in the
       latter case, it is not without delay established to the satisfaction of
       the Pledgees that the application is without merit.

7.4    The Pledgor shall, at its own expense, render all assistance in order to
       facilitate the realisation of the Pledgees' security interests in the
       Collateral.

7.5    The Pledgees shall not be required to obtain a prior court ruling or to
       present any other executory title or document justifying execution.

8.     RELEASE OF SECURITY

8.1    Subject to compliance by the Pledgor with the next sentence, the Pledgees
       hereby irrevocably waive and cancel their rights to and entitlement in
       the Pledge with effect as of the Restructuring Date. Upon request of the
       Pledgor (which shall be accompanied by a certificate of a Responsible
       Officer thereof confirming that the Restructuring has been completed and
       specifying the Restructuring Date), the Collateral Agent shall without
       undue delay confirm the expiration of the Pledge to the Pledgor, provided
       that the Pledgor shall have confirmed to the Collateral Agent that the
       Collateral and Guarantee Requirements under the Loan Agreement shall have
       been satisfied prior to the expiration of the Pledge. For the avoidance
       of doubt, such expiration of the Pledge shall have no retroactive effect
       within the meaning of Section 159 of the German Civil Code (Burgerliches
       Gesetzbuch).

8.2    After the Secured Obligations have been satisfied in full, the Pledge
       will expire by operation of law. Upon request of the Pledgor, the
       Collateral Agent shall without delay confirm the expiration of the Pledge
       to the Pledgor.

8.3    In case of realisation pursuant to Clause 7 hereof, the Pledgees shall
       surrender to the Pledgor any excess proceeds arising from the
       realisation. However, the Pledgees shall transfer the Collateral or any
       excess proceeds arising from their realisation to a third party if
       legally obliged to do so. In addition, security rights created hereunder
       may also pass to another party by operation of law.

9.     DURATION AND INDEPENDENCE

9.1    Subject to Clause 8.1 above, the Pledge shall in no event expire before
       and unless any and all Secured Obligations have been fully and finally
       satisfied and discharged and there is no amount outstanding under the
       Secured Obligations owed to the Pledgees, whether for principal,
       interest, fees, discounts or other costs, expenses, charges or otherwise.

9.2    The Pledge shall not cease to exist if the Secured Obligations have been
       discharged temporarily only.

9.3    This Agreement shall constitute a continuing security and no change or
       amendment whatsoever in and to the Secured Obligations and to any
       document related with the Secured

                                       5

       Obligations shall affect the validity and the scope of the Pledge and
       this Agreement nor the obligations which are imposed on the Pledgor
       pursuant to it.

9.4    This Agreement is in addition to, and independent of, any other security
       or guarantee the Pledgees may now or hereafter hold in respect of the
       Secured Obligations. None of such security interests or guarantees shall
       prejudice, or shall be prejudiced by, or shall be merged or commingled in
       any way with the Pledge.

9.5    The Pledge shall remain valid notwithstanding any measure taken by the
       Pledgees against the Pledgor to collect the Pledgees' claims, and in
       particular if the Pledgees grant payment deferrals, release guarantors,
       sureties or collateral or conclude a settlement or another agreement with
       persons directly or indirectly concerned by this Agreement.

10.    COLLATERAL AGENCY PROVISION

       In addition to and without prejudice to the provisions relating to the
       appointment and role of the Collateral Agent contained in the Loan
       Documents, and without limiting the rights of the Pledgees or the rights
       of the Collateral Agent against the Pledgor, or the obligations of the
       Pledgor, hereunder in any way, the Pledgees and the Collateral Agent
       hereby agree as follows:

10.1   ENFORCEMENT OF COLLATERAL

       (a)    The Collateral shall be enforced by the Collateral Agent in the
              name and for the account of the Pledgees.

       (b)    The Collateral Agent shall enforce the Collateral and exercise any
              of the remedies with respect thereto upon receipt of an
              Enforcement Notice directing it to do so (for the avoidance of
              doubt, subject to its right to enforce or exercise any remedy
              having arisen under the terms of this Agreement).

       (c)    Upon receipt of an Enforcement Notice, the Collateral Agent shall
              commence with and initiate such measures as the Collateral Agent
              may deem appropriate, necessary or advisable for the enforcement
              of all or part of the Collateral or exercise any other remedies
              with respect thereto (for the avoidance of doubt, subject to its
              right to enforce or exercise any remedy having arisen under the
              terms of this Agreement).

       (d)    The Pledgees and the Collateral Agent hereby acknowledge and agree
              that:

              (i)    no Pledgee shall exercise any independent power to enforce
                     any of the Collateral or to exercise any rights, remedies,
                     discretions or powers or to grant any consents or releases
                     or otherwise have direct recourse to any of the Collateral;

              (ii)   no Pledgee shall be entitled to act individually to require
                     the Collateral Agent to take any action or proceedings
                     under or in relation to this Agreement or to exercise any
                     of the rights, powers or discretions conferred on it by
                     this Agreement, other than in their capacity as Required
                     Pledgees;

              (iii)  notwithstanding anything to the contrary herein, to the
                     extent that this Agreement requires any notice, consent,
                     direction or instruction to be given by the Pledgees, such
                     notice, consent, direction or instruction may be given

                                       6

                     by the Required Pledgees and, if given by the Required
                     Pledgees, shall be binding on all the Pledgees; and

              (iv)   the pledges created hereunder shall be treated as ranking
                     pari passu.

       (e)    From time to time after the occurrence of events entitling the
              Pledgees to enforce the Pledge pursuant of Clause 7.1 hereof,
              where time and circumstances do not permit the Collateral Agent to
              consult or obtain the consent of the Pledgees, it may, in
              accordance with the provisions of the Loan Agreement proceed (but
              shall not be obliged to do so) in its absolute discretion to
              protect and enforce the rights vested in it pursuant to this
              Agreement, provided always that it shall advise the Pledgees of
              any action it has taken as soon as possible thereafter.

10.2   APPLICATION OF ENFORCEMENT PROCEEDS

       Following a realisation of the Collateral, the proceeds shall be applied
       (i) first, to the satisfaction of the Collateral Agent's and the
       Administrative Agent's claims for reimbursement of its costs and expenses
       and (ii) second, pro rata (based on the amount of each Pledgee's Secured
       Obligations) to the satisfaction of the Secured Obligations of all
       Pledgees.

10.3   LIABILITY OF THE COLLATERAL AGENT; REFUSAL TO ACT

       (a)    The Collateral Agent shall in all cases be fully protected in
              acting, or refraining from acting, in accordance with written
              instructions (including pursuant to an Enforcement Notice) signed
              by the Required Pledgees and such instructions and any action or
              inaction pursuant thereto shall be binding on all the Pledgees.
              The Collateral Agent shall, in the absence of knowledge to the
              contrary, be entitled to rely on any instrument or document
              believed by it in good faith to be genuine and correct and to have
              been signed or sent by the proper Person or Persons. For the
              avoidance of doubt, the provisions of this sub-clause shall only
              apply as between the Pledgees and the Collateral Agent and shall
              not affect the rights and obligations of the Collateral Agent
              vis-a-vis the Pledgor.

       (b)    The Collateral Agent may refuse to act on any notice, consent,
              direction or instruction from any Pledgee (including pursuant to
              an Enforcement Notice) or any agent, trustee or similar
              representative thereof that, in the Collateral Agent's opinion,
              (i) is contrary to law or the provisions of any of the Loan
              Documents, (ii) may expose the Collateral Agent to liability
              (unless the Collateral Agent shall have been indemnified, to its
              reasonable satisfaction, for such liability by the Pledgees that
              gave such notice, consent, direction or instruction) or (iii) is
              unduly prejudicial to Pledgees not joining in such notice,
              consent, direction or instruction.

10.4   RELEASE OF COLLATERAL

       If the Collateral Agent becomes obliged to confirm the expiration of the
       Pledge pursuant to Clause 8.1 or 8.2 hereof, the Collateral Agent is
       hereby authorised to execute on behalf of itself and each Pledgee,
       without the need for any further referral to or authority from such
       person, any release of the security created by this Agreement.

                                       7

10.5   APPLICATION OF ARTICLE VIII OF LOAN AGREEMENT

       Without limiting the foregoing provisions of this Clause 10, the
       provisions of Article VIII of the Loan Agreement shall inure to the
       benefit of the Collateral Agent and shall be binding on all Pledgees as
       if fully set forth herein, with each reference to the "Administrative
       Agent" therein being replaced by a reference to the "Collateral Agent"
       herein.

11.    NOTICES

       All correspondence and notifications under or in connection with this
       Agreement shall be delivered either in person in written form, or by
       registered letter, courier or telefax at the following addresses:

       (i)      to the Pledgor:

                BCP Caylux Holdings Luxembourg S.C.A.
                29, Rue Eugene Ruppert
                L-2453 Luxembourg

                with a copy to Blackstone Capital Partners Cayman IV L.P.
                345 Park Avenue, New York
                New York 10154
                USA

       (ii)     to the Pledgees:

                Deutsche Bank AG, New York Branch,
                60 Wall Street
                New York, New York 10005
                USA
                attention: Carin Keegan (telecopy: ++1 (212) 797-5696)

                with a copy to White & Case LLP 1155 Avenue of the Americas
                New York, New York 10036 USA
                attention: Sean Geary, Esq. (telecopy: ++1 (212) 354-8113)

       or such other addresses notified in writing by the relevant recipient to
       the other party. All correspondence and notifications to the Pledgees
       shall be addressed to the Collateral Agent.

12.    MISCELLANEOUS

12.1   The Pledgor agrees to execute any and all further documents, agreements
       and instruments, and take all such further actions (including the filing
       and recording of financing statements and other documents and recordings
       of liens in stock registries), that may be required under any applicable
       law, or that the Collateral Agent may reasonably request, to cause the
       Collateral and Guarantee Requirements to be and remain satisfied in
       respect of this Agreement and the Pledge created hereunder, all at the
       expense of the Pledgor and provide to the Collateral Agent, from time to
       time upon reasonable request, evidence reasonably satisfactory to the
       Collateral Agent as to the perfection and priority of the Pledge created
       or intended to be created by this Agreement.

                                       8

12.2   The Pledgor hereby authorises the Collateral Agent to execute and file
       financing statements or continuation statements without such Pledgor's
       signature appearing thereon pursuant to UCC.

12.3   Should any provision of this Agreement be or become wholly or in part
       invalid or unenforceable, the remaining parts of this Agreement shall not
       be affected. The invalid or unenforceable provision shall be replaced by
       a valid and enforceable provision which approximates as closely as
       possible to the economic purpose of the invalid or unenforceable
       provision.

12.4   Any amendments to this Agreement (including this subsection) must be made
       in writing.

12.5   The Pledgor agrees to pay all costs and expenses incurred by the
       Collateral Agent and or any other Pledgee, and to indemnify and hold
       harmless the Collateral Agent and any other Pledgee in connection with
       this Agreement pursuant to the provisions of Section 9.05 of the Loan
       Agreement mutatis mutandis.

12.6   This Agreement shall be governed by the laws of the Federal Republic of
       Germany.

12.7   The courts of Frankfurt am Main, Germany, shall have exclusive
       jurisdiction to settle any dispute arising out of or in connection with
       this Agreement (including a dispute regarding the existence, validity or
       termination of this Agreement) (a "DISPUTE"). This Clause 12.7 is for the
       benefit of the Pledgees only. As a result, the Pledgees shall not be
       prevented from taking proceedings relating to a Dispute in any other
       courts with jurisdiction. To the extent permitted by law, the Pledgees
       may take concurrent proceedings in any number of jurisdictions.

                    [Schedules and execution pages to follow]

                                       9

                                                                      SCHEDULE 1

                                  THE PLEDGEES

1.   DEUTSCHE BANK AG, NEW YORK BRANCH as Collateral Agent and Adminstrative
     Agent

2.   DEUTSCHE BANK AG, NEW YORK BRANCH as Lender

                                       ***

                                       10

                                                                      SCHEDULE 2

                       COPY OF INTERCOMPANY LOAN AGREEMENT

                                       11

                                   SIGNATURES

THE PLEDGOR

BCP CAYLUX HOLDINGS LUXEMBOURG S.C.A.

Date: 8 June 2004

by: /s/ Chinh E. Chu
    ---------------------
Name:   Chinh E. Chu
Title:  Director

for BCP Caylux Holdings Ltd. 1
as Manager of BCP Caylux Holdings Luxembourg S.C.A.

THE COLLATERAL AGENT

DEUTSCHE BANK AG, NEW YORK BRANCH

Date: 8 June 2004

by: /s/ Carin M. Keegan
    --------------------------
Name:   Carin M. Keegan
Title:  Vice President

by: /s/ Diane F. Rolfe
    --------------------------
Name:   Diane F. Rolfe
Title:  Vice President

THE PLEDGEES

DEUTSCHE BANK AG, NEW YORK BRANCH

Date: 8 June 2004

by: /s/ Carin M. Keegan
    --------------------------
Name:   Carin M. Keegan
Title:  Vice President

by: /s/ Diane F. Rolfe
    --------------------------
Name:   Diane F. Rolfe
Title:  Vice President

for Deutsche Bank AG, New York Branch acting as attorney-in-fact
(Stellvertreter) in the name and on behalf of each of the financial institutions
listed in Schedule 1 hereto.

                                       12

ACKNOWLEDGEMENT OF INTERCOMPANY BORROWER

We, BCP Crystal Acquisition GmbH & Co. KG, in our capacity as Borrower under the
Intercompany Loan Agreement (as defined in this Loan Claims Pledge Agreement),
herewith acknowledge and confirm that we have been notified by BCP Caylux
Holdings Luxembourg S.C.A. (as the pledgor) of the pledge created by BCP Caylux
Holdings Luxembourg S.C.A. over all its claims against us under the Intercompany
Loan Agreement pursuant to this Loan Claims Pledge Agreement of which we have
received a copy.

THE INTERCOMPANY BORROWER

BCP CRYSTAL ACQUISITION GMBH & CO. KG

Date: 8 June 2004

by: /s/ Chinh E. Chu
    ---------------------
Name:   Chinh E. Chu
Title:  Managing Director

for BCP Management GmbH, acting in its capacity as general partner
of BCP Crystal Acquisition GmbH & Co. KG

                                       13SALE AGREEMENT

                                     between

                           PLATGOLD PACIFIC LIMITED NL

                                       and

                               HAZCARE PTY LIMITED

                                       and

                         RANDGOLD & EXPLORATION COMPANY

                                     LIMITED

1.        INTERPRETATION

1.1              Unless otherwise expressly stated, or the context otherwise
                 requires, the words and expressions listed below shall, when
                 used in this agreement or in any Schedules hereto, bear the
                 meanings ascribed to them:

1.1.1            "PURCHASER" means R.ANDGOLD & EXPLORATION COMPANY LIMITED,
                 Registration No 1992/005642/06 incorporated in South Africa,
                 herein represented by WILLIAM CROSLEY duly authorised thereto;

1.1.2            "CLAIMS" means all claims on loan account owing by the COMPANY
                 to the SELLER as at the SIGNATURE DATE;

1.1.3            "COMPANY" means HAZCARE PTY LIMITED, Registration No A.C.N. 009
                 241 954, a wholly owned subsidiary of the SELLER, incorporated
                 in Australia, herein represented by HENDRIK

                 CHRISTOFFEL BUITENDAG duly authorised thereto;

1.1.4            "EFFECTIVE DATE" means, notwithstanding the date of signature
                 of this agreement, 15 (fifteen) days after the date of
                 fulfillment of the suspensive conditions in clause 9;

1.1.5            "the MINING RIGHTS" means the Special Exclusive Prospecting
                 Licence 2151 for rutile, ilmenite and zircon, which licence was
                 originally issued on 20 March 1990 for a period of 2 (two)
                 years and which has subsequently on application by the COMPANY
                 been considered and recommended by the Mineral Advisory Board,
                 Sierra Leone for conversion into a mining lease for 25 (twenty
                 five years) in respect of the PROJECT;

1.1.6            "the PROJECT" means the Rotifunk Mineral Sands Project situated
                 in the Bradford area, Sierra Leone, West Africa, more fully
                 described on Annexure "A" hereto;

1.1.7            "SELLER" means PLATGOLD PACIFIC LIMITED NL, Registration No
                 A.C.N. 009 155 971, incorporated in Australia, herein
                 represented by William Crosby, duly authorised thereto;

1.1.8            "SHARES" means all of the issued shares of the COMPANY
                 beneficially owned by the SELLER as at the EFFECTIVE DATE being
                 100% of the total issued share capital of the COMPANY;

1.1.9            "SIGNATURE DATE" means the date of signature of this agreement
                 by the parties hereto.

1.2              Clause and paragraph headings are for purposes of reference
                 only and shall not be used in interpretation.

1.3              Unless the context clearly indicates a contrary intention, any
                 word connoting:

1.3.1                   any gender includes the other two genders;

1.3.2                   the singular includes the plural and vice versa;

1.3.3                   natural persons includes artificial persons and vice
                        versa;

1.3.4                   insolvency includes provisional or final sequestration,
                        liquidation or judicial management.

1.4              When any number of days is prescribed such number shall exclude
                 the first and include the last day unless the last day falls on
                 a Saturday, Sunday, or a public holiday in the Republic of
                 South Africa, in which case the last day shall be the next
                 succeeding day which is not a Saturday, Sunday or a public
                 holiday in the Republic of South Africa.

1.5              A reference to a day is a reference to a business day in the
                 Republic of South Africa, which excludes Saturdays, Sundays and
                 public holidays.

1.6              A reference to an enactment is a reference to that enactment as
                 at the date of signature hereof and as amended or re-enacted
                 from time to time.

2.        INTRODUCTION

2.1              The SELLER is the beneficial owner of the SHARES and the
                 CLAIMS.

2.2              The COMPANY is the beneficial holder of the MINING RIGHTS
                 relating to the PROJECT.

2.3              The SELLER wishes to dispose of the PROJECT, either through the
                 sale of the SHARES and the CLAIMS or the transfer of the MINING
                 RIGHTS to the PURCHASER.

2.4              The PURCHASER wishes to purchase either the SHARES and the
                 CLAIMS or the MINING RIGHTS from the SELLER on the terms and
                 conditions set out hereunder.

3.        SALE

                 Subject to fulfillment of the suspensive conditions in clause 9
                 and the exercise of the option by the PURCHASER in terms of
                 clause 10, the SELLER sells to the PURCHASER as one indivisible
                 transaction: EITHER

3.1              the SHARES and the CLAIMS; or

3.2              the MINING RIGHTS;

                 and the PURCHASER purchases either the SHARES and the CLAIMS or
                 the MINING RIGHTS with effect from the EFFECTIVE DATE.

4.        PRICE AND PAYMENT

4.1              The purchase price payable for either the SHARES and the CLAIMS
                 or the PROJECT is the sum of R40,500,000-00 (forty million five
                 hundred thousand South African Rand).

4.2              The purchase price shall be allocated in the following manner:
                 EITHER

4.2.1                   as to the CLAIMS, the face value thereof; and

4.2.2                   as to the SHARES, the balance; OR

4.2.3                   as to the MINING RIGHTS, the full amount.

4.3              The purchase price stipulated in 4.1 above shall be payable by
                 the PURCHASER to the SELLER'S nominated wholly owned South
                 African subsidiary company in cash in South Africa on the
                 EFFECTIVE DATE.

4.4              The purchase price stipulated in 4.1 above shall be exclusive
                 of all or any stamp duties, transfer duties, value added taxes
                 or any other impost or levy which may be imposed by any law in
                 South Africa, Sierra Leone or Australia.

5.       DELIVERY

5.1              On the EFFECTIVE DATE, the PURCHASER shall effect payment of
                 the purchase price to the SELLER by making payment to the
                 SELLER'S wholly owned South African subsidiary company.

5.2              The SELLER shall, at least 3 (three) days before the EFFECTIVE
                 DATE, notify the PURCHASER in writing of the details of its
                 South African subsidiary company which it nominates and to
                 which the PURCHASER must effect payment of the purchase price.

5.3              Within 5 (five) days following the EXERCISE DATE and at a venue
                 to be agreed between the parties, and failing agreement, at the
                 PURCHASER'S premises referred to in 12, the SELLER shall
                 deliver the following to the PURCHASER: EITHER

5.3.1                   certificates evidencing the SHARES; and

5.3.2                   all other documents or consents which may be required in
                        order to procure the registration of the SHARES into the
                        name of the

                        PURCHASER or its nominee; OR

5.3.3                   all other documents or consents and, in particular the
                        approval referred to in 6.2.1, which may be required in
                        order to procure the registration of transfer of the
                        MINING RIGHTS into the name of the PURCHASER or its
                        nominee.

6.        RISK, BENEFIT AND OWNERSHIP

6.1              In the event of the PURCHASER exercising its option to purchase
                 the SHARES and CLAIMS:

6.1.1                   All risks in and benefits arising out of the SHARES and
                        the CLAIMS shall be deemed to have passed to the
                        PURCHASER with effect from the EFFECTIVE DATE, provided
                        that the suspensive conditions in clause 9 have been
                        fulfilled.

6.1.2                   Ownership of the SHARES and the CLAIMS shall be deemed
                        to have passed to the PURCHASER on the EFFECTIVE DATE.

6.2              In the event of the PURCHASER exercising its option to purchase
                 the MINING RIGHTS:

6.2.1                   The SELLER shall, with the assistance of the PURCHASER
                        and the COMPANY, procure the approval of the Secretary
                        of State in terms of section 72 of The Mines and
                        Minerals Decree dated 4 March 1994 to the transfer into
                        the name of the PURCHASER of the mining lease granted in
                        respect of the PROJECT.

6.2.2                   The PURCHASER shall be responsible for all costs
                        incurred in connection with the application and transfer
                        envisaged in 6.2.1.

7.        WARRANTIES AND INDEMNITIES

7.1              The SELLER gives to the PURCHASER the following warranties in
                 respect of the SHARES and the CLAIMS:

7.2.1                   The SELLER is the beneficial holder of the SHARES and
                        the CLAIMS in the COMPANY and the COMPANY is the
                        beneficial holder of the rights to the PROJECT;

7.2.2                   The shares in the COMPANY are free and unencumbered and
                        not subject to any option or right of first refusal in
                        favour of any person;

7.2.3                   The COMPANY is or will not be liable, whether
                        contingently or otherwise and whether as surety or
                        co-principal debtor, guarantor or indemnitor, for the
                        liabilities of any third party;

7.2.4                   The COMPANY has no employees and no assets other than
                        the MINING RIGHTS.

7.2.5                   The SELLER hereby indemnifies and holds the PURCHASER
                        harmless in respect of all or any claims that may be
                        made against the COMPANY by the Receiver of Revenue for
                        Income Tax and/or Value Added Tax whether incurred or to
                        be incurred by the COMPANY including any other
                        liabilities of the COMPANY as at the EFFECTIVE DATE in
                        respect of periods prior to the EFFECTIVE DATE.

7.2              The SELLER gives to the PURCHASER the following warranties in
                 respect of the SHARES and the CLAIMS:

7.2.1                   The SELLER and the COMPANY warrant that the COMPANY has
                        or will have obtained a mining lease valid for a period
                        of at least 25 (twenty-five) years in respect of the
                        PROJECT in terms of Part VII of The Mines and Minerals
                        Decree dated 4 March 1994 by the EFFECTIVE DATE.

7.2.2                   The SELLER and the COMPANY warrant that the PURCHASER
                        shall have the exclusive rights to the PROJECT and that
                        no participation rights have been granted to any third
                        party.

8.         BREACH

           Should any party breach any provision of this agreement and fail to
           remedy that breach within 7 days of receiving written notice from any
           other party requiring it to do so, then that party shall be entitled,
           without prejudice to any other rights that it may have, whether under
           this agreement or in law, to cancel this agreement without notice or
           to claim immediate specific performance of all the defaulting party's
           obligations, whether or not due performance, in either event without
           prejudice to the aggrieved party's right to claim damages.

9.         SUSPENSIVE CONDITIONS

9.1              This agreement is subject to the fulfillment of the following
                 suspensive conditions within 15 (FIFTEEN) days after the
                 SIGNATURE DATE:

9.1.1                   That the PURCHASER conducts a due diligence exercise on
                        the financial affairs and legal status of the COMPANY to
                        its sole satisfaction; and

9.1.2                   That the PURCHASER satisfies itself that the COMPANY
                        holds the MINING RIGHTS.

9.2              The PURCHASER shall notify the SELLER and the COMPANY of its
                 decision following the completion of its due diligence within
                 the time limit stipulated in 9.1, failing which this agreement
                 shall lapse and be of no further force or effect.

10.        PURCHASER'S OPTION

10.1             On or before 15 July 2004, the PURCHASER shall have the option
                 at its sole discretion, to advise the COMPANY whether it elects
                 to purchase either the SHARES and the CLAIMS or the MINING
                 RIGHTS.

10.2             The PURCHASER shall exercise the aforesaid option in writing by
                 notice to the SELLER and the COMPANY on or before the date
                 stipulated in 10.1 above, failing which the PURCHASER shall be
                 deemed to have elected to purchase the SHARES and the CLAIMS.

11.        PUBLICITY

                 None of the parties hereto shall publish to any third party the
                 fact or any information concerning the conclusion of this
                 agreement, the terms hereof or the fact that the SELLER wishes
                 to sell the SHARES and the CLAIMS or the MINING RIGHTS or is
                 negotiating in this regard without the consent of the other
                 party save as necessary to implement this agreement or as may
                 be required by any stock exchange on which any of the parties
                 is listed.

12.        NOTICES

12.1       Each party chooses as its address for all purposes under this
           agreement ("domicilium address"), whether for serving any court
           processes or documents, giving any notice, or making any other
           communications of whatsoever nature and for any other purpose arising
           from this agreement ("notice"), as follows:

           SELLER:                      4 Parker Place
                                        Bentley
                                        Western Australia, 6983
                                        P 0 Box 1002 Bentley, W.A. 6983
                                        Fax No: (0961)893-554-433
                                        Tel No:  (0961)893-554-155

           COMPANY:                     4 Parker Place
                                        Bentley
                                        Western Australia, 6983
                                        P 0 Box 1002 Bentley, W.A. 6983
                                        Fax No: (0961)893-554-433
                                        Tel No:  (0961)893-554-155

           PURCHASER:                   5 Press Avenue, Selby
                                        Johannesburg, 2001
                                        P 0 Box 82291 Southdale, 2135
                                        Fax No: (011) 837-3840
                                        Tel No:  (011) 309-6000

12.2             Any notice required or permitted to be given under this
                 agreement shall be valid and effective only if in writing.

12.3             Any party may by notice to the other party, change its
                 domicilium address to another physical address in the Republic
                 of South Africa and such change shall take effect on the
                 seventh day after the date of receipt by the party who last
                 receives the notice.

12.4             Any notice to a party contained in a correctly addressed
                 envelope and:

12.4.1                  sent by prepaid registered post to it at its domicilium
                        address; or

12.4.2                  delivered by hand to a responsible person during
                        ordinary business hours at its domicilium address,

                 shall be deemed to have been received, in the case of 12.4.1,
                 on the seventh business day after posting (unless the contrary
                 is proved) and, in the case of 12.4.2, on the date of delivery.

12.5             Notwithstanding anything to the contrary herein, a written
                 notice actually received by a party, including a notice sent by
                 telefax (`the first notice"), shall be an adequate notice to it
                 notwithstanding that it was not sent or delivered to its
                 domicilium address, provided that, within the next 3 (three)
                 days, a copy of the first notice is delivered to the domicilium
                 address, accompanied by a notice giving the following
                 particulars:

12.5.1                  where the first notice was sent by telefax, the date and
                        time of despatch and the telefax number to which it was
                        sent; and

12.5.2                  where the first notice was delivered in a manner other
                        than by telefax, the manner of delivery, the date on
                        which it was delivered, the person by whom it was
                        received and where it was received.

13.        GENERAL

13.1             This agreement constitutes the sole record of the agreement
                 between the parties with regard to the subject matter hereof.
                 No party shall be bound by any express or implied term,
                 representation, warranty, promise or the like not recorded
                 herein.

13.2             No addition to, variation of, or agreed cancellation of this
                 agreement shall be of any force or effect unless in writing and
                 signed by or on behalf of the parties.

13.3             No relaxation or indulgence which any party may grant to any
                 other shall constitute a waiver of the rights of that party and
                 shall not preclude that party from exercising any rights which
                 may have arisen in the past or which might arise in the future.

13.4             Any provision of this agreement which contemplates performance
                 or observance subsequent to any termination or expiration of
                 this agreement shall survive any termination or expiration of
                 this agreement and continue in full force and effect.

13.5             Unless expressly provided as being in the sole discretion of a
                 party, where approval, acceptance, consent or similar action by
                 a party is required under this agreement, such action shall not
                 be unreasonably delayed or withheld. Any approval or consent
                 given by a party under this agreement shall only be valid if in
                 writing and shall not relieve the other party from
                 responsibility for complying with the requirements of this
                 agreement nor shall it be construed as a waiver of any rights
                 under this agreement except as and to the extent otherwise
                 expressly provided in such approval or consent, or elsewhere in
                 this agreement.

14.        GOVERNING LAW

           This agreement shall in all respects be governed by the laws of the
           Republic of South Africa, except insofar as it relates to the
           transfer of the MINING RIGHTS, which shall be governed by the
           applicable laws of Sierra Leone.

15.        COSTS

           The PURCHASER shall bear the costs of and incidental to the drafting
           and implementation of this agreement, including the stamp duty
           payable.

SIGNED AT Johannesburg ON THIS THE 20th DAY OF June 2003 IN THE PRESENCE OF THE
UNDERMENTIONED WITNESSES.

AS WITNESSES:                                    For and on behalf of the SELLER

                                                 PLATGOLD PACIFIC
                                                 LIMITED NL

1.       /s/ J. Bailey                                   /s/ W. Crosley
         -------------                                  ---------------

2.       signed - illegible                                 DIRECTOR

SIGNED AT JOHANNESBURG ON THIS THE 20th DAY OF JUNE 2003 IN THE PRESENCE OF THE
UNDERMENTIONED WITNESSES.

AS WITNESSES:                                           For and on behalf of the
                                                        COMPANY

                                                        HAZCARE PTY LIMITED

3. /s/ J. Bailey                                     /s/ W. Crosley
   ------------------------                          --------------

4. signed - illegible
                                                        DIRECTOR

SIGNED AT Johannesburg ON THIS THE 20th DAY OF JUNE 2003 IN THE PRESENCE OF THE
UNDERMENTIONED WITNESSES.

AS WITNESSES:                                           For and on behalf of the
                                                        PURCHASER

                                                        RANDGOLD &
                                                        EXPLORATION COMPANY
                                                        LIMITED

1.       /s/ J. Bailey                                        /s/ H.C. Buitendag
         ---------------------------                          ------------------

2.       signed - illegible
                                                                   DIRECTOR

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}]]