The platinum miner Lonmin has announced that significant progress has been made in its buy-back of Lonplat shares from Impala.

South African-based Impala is selling its 27. 1 per cent stake in Lonplats, the operating subsidiary in which Lonmin already owns 72.9 per cent.

Lonmin, the world's third-largest listed platinum producer, explained that a number of key milestones have been achieved including the endorsement by the Department of Minerals and Energy and the involvement of Historically Disadvantaged South Africans (HDSA) under Black Economic Empowerment rules.

Commenting on the transaction, the SA minister for minerals and energy Ms Phumzile Mlambo-Ngcuka said: "As presented, this transaction is in line with the requirements of the new mining law.

"Lonmin and Impala have both facilitated this transaction and both will be allocated credits that are proportional to the percentages and ounces they have sold to their BEE partners. We welcome the progress that has been made by all the parties."

In total nine per cent of Lonplats has been sold by Implats to HDSA investors, via the empowerment company Incwala Resources. Meanwhile, Lonmin will purchase the remaining 18.1 per cent of Lonplats.

Impala will receive a total of $794.5 million from the sale of its Lonplats stake.