Mvelaphanda Group (Mvela) has announced that it is not going ahead with its plans to sell its minority stake in Mvela Resources.

It said that its refusal to hand over its 22.9 per cent stake to a black investment firm came because certain conditions of the deal were not met.

The company had said in December that it would sell its stake to Incwala Resources (Incwala) for R763 million (£72.2 million) and withdraw from mining.

The precise nature of the failure to meet the conditions was not revealed by Mvela.

According to Business Today, Incwala has said agreement could not be reached with the Mvela Resources board about the transfer of the existing shareholder agreement between Mvela and Mvela Resources.

Earlier this year Mvela Resources said it was planning to consolidate its position in the platinum industry with a series of purchases, after accruing more than R200 million (£19 million).


Ÿ Adfero Ltd