Efforts by the empowerment vehicle Nkululeko Rusununguko Mining Company (NRMC) to acquire a 15 per cent stake in the platinum miner Zimplats have stuttered after a key financier withdrew its support.

Stanbic Bank has decided to pull out of the deal amid questions about the viability of the new group and scrutiny of its composition.

According to the Financial Gazette, NRMC's efforts to deliver the US$32 million necessary to secure the stake have proved fruitless, with sources from Stanbic Bank citing the "irregular" nature of the business proposal as the reason for its reticence.

NRMC chair Priscilla Mupfumira confirmed the news, but said that as she had not attended the meeting she "did not know what transpired".

NRMC is now in discussions with the Amalgamated Bank of South Africa (ABSA) in an effort to raise the funds necessary to complete the deal, with the firm also needing the approval of the Reserve Bank of Zimbabwe in order to progress with the empowerment deal.