Impala Platinum's disposal of its stake in Lonplats to Lonmin and the Incwala Resources empowerment group has been approved by South Africa's Competition Tribunal.

The tribunal sanctioned the disposal of Implats' 27 per cent stake in Lonplats without any conditions or qualifications.

When completed, the merger will see Lonmin increase its equity stake to 82 per cent and the firm will assume sole control of Lonplats, leaving Incwala to command the remaining 18 per cent share.

Implats, the world's second-biggest platinum producer, will receive around $795 million for the stake, with $695 million of this transferred immediately.

The deal marks the latest step in the development of South Africa's black economic empowerment scheme.

Firms are required to sell 15 per cent of their local assets to black-controlled groups within five years, with a 26 per cent stake being offloaded within a ten-year time frame.