Aquarius Platinum is poised to raise R800 million in new equity to fund compliance with South African empowerment legislation and its Everest South project.

However, Aquarius chief executive Stuart Murray refused to name the new investor, which will be left with a quarter of the company's stock.

'We've asked empowerment investors to come in at full compliance level and fund the growth of the whole pie', he said.

Fifteen per cent of all mining companies' assets have to be in black hands by 2008 for mining and prospecting licenses to be renewed, a figure that rises to 26 per cent by 2013.

Aquarius head of investor relations Nick Bias said the new partner had experience of mining, but that this would be its first venture in the platinum sector.

Although there is no urgency for compliance with empowerment laws, the company is killing two birds with one stone by coinciding compliance with the fund-raising exercise required to get its third mine up and running.

Mr Murray estimates that, for a 25 per cent increase in the issue capital of Aquarius, the company will see a 35 per cent increase in production.