Platinum miner Lonmin has sold the remainder of its stake in gold miner AngloGold Ashanti.

In a deal worth $205 million, the pgm firm offloaded 6.94 million ordinary shares in AngloGold Ashanti, in an effort to generate more funds for expansion.

Lonmin sold off a further 3.5 million AngloGold Ashanti shares earlier this year, netting around $113.8 million in the process.

The firm said the primary objective for the funds was to help pay off debt, but also referred to plans for developing non-platinum interests, potentially focussing outside of South Africa.

Lonmin's new chief executive, Brad Mills, said the firm planned to take part in mining industry consolidation in a "meaningful way".