Impala Platinum has announced that it is to buy a 29.9 per cent stake in African Platinum in a deal worth R1.07 billion.

Impala is hopeful that the agreement will give it access to greater platinum group metal resources on the Bushveld complex.

Chief Executive at Impala, David Brown, commented: "This transaction is an excellent opportunity for Implats to participate in the development of one of the largest remaining resources in the Western Limb of the Bushveld Igneous Complex and builds on our relationship with Afplats."

He added that the deal would help the company to reach its target of 2.8 million ounces of platinum per annum, explaining that this agreement is the first step in that strategy.

African Platinum's Chairman, Brian Moritz, welcomed the agreement as an important step in the development of the Leeuwkop Phase 1 project and in the development of the black economic empowerment (BEE) requirements.

Mr Moritz commented: "In addition to complying with the 2014 BEE requirements and obtaining a New Order Prospecting Right on the Leeuwkop property, the initial project development capital has been secured through the introduction of Implats as a strategic partner in Afplats' South African subsidiary companies."

Ÿ Adfero Ltd