Anglo Platinum has confirmed its arrangement with Anooraq Resources to advance the Ga-Phasha platinum-group metals (pgm) joint venture.

The platinum miner has confirmed the funding arrangement for the project, which will see Anooraq benefit from a $10 million investment from Anglo, through its wholly-owned subsidiary, Rustenburg Platinum Mines.

This funding will largely be used to further the development of the Ga-Phasha project, to enable the firms to take the scheme forward into a feasibility study.

In a joint statement, Anglo Platinum and Anooraq have announced that they intend to take the Ga-Phasha project forward to the pre-feasibility phase by the first quarter of 2007.

Commenting on the confirmation of the financial arrangement between the two companies, Anooraq chief executive and managing director, Tumelo Motsisi said it "demonstrates that the parties of this joint venture are committed to advancing this project toward the bankable feasibility stage".

Ÿ Adfero Ltd