Black economic empowerment company Incwala Resources has acquired a 26 per cent stake in Lonmin Platinum's Akrani property.

The firm paid R800million for the acquistion, which has been facilitated through healthy returns from its Lonmin Platinum assets.

In an interview with Moneyweb, Chief Executive Zanele Mavuso Mbatha said that the purchase is unlikely to be the firm's last acquistion and that further deals should be expected in the near future.

She said: "The market is very dynamic and there is an opportunity to bulk up and allow Incwala to become a player in the consolidation."

Ms Mbatha added that competition from other mining companies for Akrani, coupled with due diligence studies, testified to the property's value and future viability.

The acquisition follows the failure of Incwala's bid to buy a stake in Mvelaphanda Resources last year owing to Incwala declining to agree to a non-competition agreement.

As of 2013, junior miner Akrani is expected to produce in the region of 185,000 attributable ounces of platinum group metals annually.

Sources:

BEE firm gains stake in prime South African platinum property
http://www.moneyweb.co.za/mw/view/mw/en/page1329?oid=148134&sn=Detail

Incwala Resources buys Akanani stake for $115 mln
http://investing.reuters.co.uk/news/articleinvesting.aspx?type=allBreakingNews&storyID=2007-07-18T070054Z_01_L18841216_RTRIDST_0_INCWALA-ACQUISITION.XML

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