World number one platinum miner Angloplat, Platinum Group Metals (PTM) and Africa Wide Mineral Prospecting and Exploration have announced they are engaging in a joint venture in South Africa in accordance with the new Black Economic Empowerment (BEE) rules.

The three organisations will pursue platinum exploration and development on combined mineral rights covering 67 square kilometres on South Africa's platinum-rich Western Bushveld Complex.

PTM and Angloplat will each own a 37 per cent working interest in the venture, with Africa Wide assuming a 26 per cent stake.

Mlibo Mgudlwa, president of Africa Wide, hailed the joint venture, which will meet the 26 per cent BEE interest as set out in the revised Mining Charter under the Minerals and Petroleum Resources Development Act.

"North American venture capital companies with experience in mining are an ideal asset to assist Black Economic Empowerment companies in capitalizing on mining opportunities in this time of transition" he explained.

Africa Wide will use its position to work in tandem with the local community, endeavouring to divert some of the profits from the industry towards the indigenous people, providing training, employment and an economic shot in the arm.

PTM's involvement will include the funding and assembly of a R35 million exploration program over the next five years.

Under the agreement Angloplat can also elect to become a "non-contributory participant" in the venture, potentially diluting its holding in the scheme,

The project will initially focus on the Merensky and UG2 reefs of the Bushveld Complex, with analysts pointing to an estimated 3.72 million ounce inferred resource.

The exploration area lies adjacent to the separate BRPM joint venture, which incorporates Angloplat's former BRPM platinum mine and also the Styldrift property contributed by the Royal Bafokeng Nation.