The world's third largest platinum producer Lonmin has successfully completed its bid to buy AfriOre.

The deal is worth around $429.4 million with Lonmin securing around 50.75m AfriOre shares by Friday at $7.62/share.

AfriOre focuses on the exploration and development of platinum and gold projects in Africa including Akanani platinum project and a number of gold projects in Mali, Namibia and Kenya.

When the takeover was first raised, Warren Newfield, President and Chief Executive of AfriOre, recommended shareholders to accept the deal.

He said: "We believe that this represents the optimum route to maximise value for AfriOre shareholders and other stakeholders, and to ensure steady progress towards mine development at Akanani.

"Akanani is a large and attractive platinum project, which will benefit significantly from Lonmin's extensive experience and skills base in the platinum industry."

Lonmin has now issued a notice to AfriOre for the redemption of the remaining shares not held by Lonmin.

Ÿ Adfero Ltd