Impala Platinum has announced that it has reached a deal to sell its holding in junior platinum miner Barplats Investments.

The platinum giant has signed an agreement that will see it divest itself of the 83.2 per cent stake it currently holds.

A consortium of investors led by Salene Platinum Consortium will snap up the stake, which has been set at a cash price of R2.10 per share.

With Implats currently holding over 185,000,000 shares, the total sale is valued at around R389 million.

However, Barplats did advise caution, issuing a statement that warned there was no guarantee that all the necessary conditions of the sale would be met. In particular, problems may potentially arise raising sufficient funds to complete the deal by the March 31st deadline.

Implats has been seeking to offload its stake in the firm for some time now, with the first reports of a potential sale emerging last July.