Lonmin has confirmed that it has bought an additional stake in the Lonplats vehicle, as Implats released its holding in the firm.

Lonmin secured an additional 9.1 per cent of the shares in each of Western Platinum and Eastern Platinum, which together constitute Lonplats.

The platinum miner's 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."

Meanwhile, Implats confirmed that it had received its final payment of US$667.8 million for the sale of its 27.1 per cent stake in Lonplats.

The deal is part of a wider movement that will see black empowerment vehicle Incwala stake its claim in the platinum industry, when it lands 18 per cent in Lonplats.

Incwala's stake - which cost $480.2 million - is part of the process of empowering the indigenous participants in the mining industry under the deal first announced in September 2003.