Aquarius Platinum is building up its platinum group metals (pgm) mineral rights by acquiring a 74 per cent stake in Afarak Platinum.

The world's fourth-largest primary platinum producer will pay $109.7 million (£67.4 million) for the company, which has rights to two properties in South Africa.

Both the Hoedspruit and Kruidfontein properties are situated on the Western Limb of South Africa's Bushveld Complex and are underlain by the Merensky and UG2 pgm bearing reefs.

Afarak holds a 100 per cent interest in Hoedspruit and the right to earn a 50 per cent interest in Kruidfontein.

Situated near Rustenburg in North West Province, Hoedspruit contains 6.22 million ounces of indicated and 1.01 million ounces of inferred pgm resources before geological loss adjustments.

Kruidfontein, which lies just north of the Pilanesberg, contains 4.29 million ounces of indicated and 41.11 million ounces of inferred pgm resources before geological loss adjustments.

Stuart Murray, chief executive officer of Aquarius, described the purchase price as "attractive".

"The acquisition of these properties, and in particular the Rustenburg area property, greatly enhances the strategic options for the Company into the future," he said.

Mr Murray continued: "Hoedspruit and Kruidfontein will add significantly to Aquarius' current portfolio of pgm resources."

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UPDATE 1-Aquarius to buy 74 pct of Afarak for $109.7 mln (13/04/11)



Acquisition of Mineral Rights (13/04/11) 

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