Lonmin has announced that its subsidiary has won approval from the South African Competition Tribunal (SACT) for its planned takeover of Southern Platinum.

The pgm firm says that SACT has cleared the move by Lonmin Investments Canada to buy all the outstanding shares in the capital of Southern Platinum.

The offer was first made back in April, with the valuation of the deal set at C$2.66 in cash per share.

While the offer remains subject to certain other conditions being fulfilled, the approval from the SACT marks another significant step in the bid process.

Earlier this week Southern Platinum announced it was postponing plans for its annual and special meeting of shareholders as it mulls over the takeover bid from Lonmin.

The firm said it had put the date back in order to allow shareholders more time to consider the offer and to ensure that all the necessary protocols are in place before a decision is taken.

Originally the meeting was set for June 28th, 2005, but will now take place on August 9th.