Lonmin's deal with Impala Platinum to facilitate the Black Economic Empowerment (BEE) scheme centred around Incwala has been named as Deal of the Year.

The award comes from research conducted by DealMakers, which conducts an annual survey of corporate firms in the region, according to Business Day.

Lonmin and Impala Platinum began the process of creating Incwala in a move designed to benefit 'Historically Disadvantaged South Africans'.

Under the deal, Implats sold its 27.1 per cent stake in Lonplats as part of a wider movement of holdings designed to launch Incwala.
The BEE vehicle staked its claim in the platinum industry with an 18 per cent holding in Lonplats.

At the time Lonmin chief executive, Brad Mills, hailed the move and the impact it would have on the process of black economic empowerment for the indigenous South African population.

"We have taken an initiative which will enable us to make a positive contribution to the reform of the South African mining industry through the creation of Incwala which will provide us with a strategic partnership with a well capitalised black economic empowerment investment company," he commented.

"At the same time we have enhanced our prospects of converting our existing mining and prospecting licences into new mining and prospecting licences."

Under new guidelines published by the South African government mining firms are compelled to hand back stakes in natural resource operations to the indigenous people of the country through a series of initiatives.