The empowerment consortium led by Savannah Resources, which is looking to buy into the recently formed Aquarius Platinum group, has announced that good progress has been made in securing funding for the move.

According to Mining Weekly Online, the consortium told Aquarius in a letter that an unspecified financial institution had agreed to supply R200 million for the acquisition.

Talks with a separate institution, which is prepared to supply R245 million, are also at an advanced stage.

Combined with the R415-million from the Industrial Development Corporation and Savannah's own resources, it means the consortium is close to securing the R860-million required for the Aquarius investment.

Stuart Murray, CEO of Aquarius, commented: "Following this communication from the Savannah Consortium, it indicates that they are close to completion of their funding package on terms that are acceptable to all parties."