Japanese trading house Itochu is negotiating a deal with Mvelaphanda to secure an interest in the platinum market.

Following initial reports of a prospective deal earlier this week, the South African platinum miner and Itochu are now in the final stages of talks, according to a report from tradingmarkets.com.

Investment from Itochu is expected to stand at between $178 million and $266 million, which has been earmarked for new mines where exploratory work has already confirmed the presence of deposits and where production is expected to commence within a timeframe of a few years.

Backing has been secured by Itochu from the Japanese government, with confirmation that the deal has been closed expected to come next week when Japanese Economy, Trade and Industry Minister Akria Amari visits Japan.

Since reports of the link-up surfaced, shares in Itochu have edged up 2.5 per cent.

Source:

Japan's Itochu, SAfrica's Mvelaphanda to ally in platinum development - report, 09/11/07
http://www.tradingmarkets.com/.site/news/Stock%20News/805318/

Tokyo shares open lower but recoup early losses on bargain-hunting - UPDATE, 08/11/07
http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-20854851.htm

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