Aquarius Platinum has increased its stake in its South African operations, the company has announced.

The firm has added a 3.5 per cent stake in its South African division, after acquiring the share from Savannah Consortium in a deal worth R342.5 million.

"The transaction consideration will be funded from Aquarius Platinum's internal cash resources and will enhance value for existing Aquarius shareholders," said the firm in a statement.

Aquarius has reported that the deal is part of its final moves in the black economic empowerment (BEE) transaction between the two companies.

Savannah originally took a 29.5 per cent stake in Aquarius' South African operations in 2004 in a R806 million deal which enabled Aquarius to finance the establishment and development of its Everest mine, which is now in production.

Last month, Aquarius Platinum converted its rights into new order mining rights in South Africa.
Ÿ Adfero Ltd