Australian mineral outfit AIM Resources has confirmed that it has exercised its option to purchase a majority interest in the Mooiplats Platinum project in South Africa.

The group secured the rights to the option in March together with its Black Economic Empowerment (BEE) partner, Matimba Resources.

AIM says it will pay 14.2 million rand for the stake, which equates to a 77 per cent holding in Mooiplats.

The funds for the transaction will be taken from AIM's recent equity raising, with the transaction set to be complete before June 30th.

The conclusion of the transaction remains subject to ministerial approval in South Africa.

Snowden Mining Industry Consultants estimates that Mooiplats commands a resource of around 10.2 million ounces of three platinum group metals plus gold.