The Canadian-listed platinum exploration company, Anooraq Resources, has launched a bid to purchase half of the Paschaskraal platinum joint venture from Pelawan.

If accepted, Pelawan, a South African black empowerment company, would pocket around R30 million worth of shares and R9.25 million in cash upfront.

A further R1.34 billion of Anooraq shares will also be placed in trust for Pelawan to be received either a year after Paschaskraal comes into production or after six years, whichever is sooner.

The Anooraq approach follows a withdrawn offer from deep-level South African miner, Northam Platinum.

In total Pelawan will receive 91.2 million Anooraq shares for its 50 per cent stake in Paschaskraal.

Once completed, Pelawan will own an effective 63 per cent share in Anooraq, making it the first black-empowerment company to secure a listing outside of South Africa.

However, analysts quoted by MineWeb questioned the merits of the deal given that the strong rand had forced Anglo Platinum, the owner of the remaining half of the Paschaskraal site, to abandon expansion plans at the development last year.

Scott Cousens, an Anooraq director, explained that operations at Paschaskraal, which holds a total resource of 65 million ounces of platinum group metals, could be stepped up following the purchase, as Anooraq would then possess the capital required to bring the mine to full production.