Some of South Africa's leading platinum miners have signed up to a new joint venture that marks the latest stage in the development of the black economic empowerment (BEE) process in the region.

World number one Angloplat has linked up with Platinum Group Metals and Africa Wide Mineral Prospecting and Exploration in the scheme, which will focus on the platinum resource in the Bushveld Complex.

First announced back in October, approval has now been garnered from both the Toronto Stock Exchange and the JSE Securities Exchange South Africa, paving the way for the landmark BEE scheme.

Under the terms of the agreement Platinum Group Metals and Angloplat will command an initial 37 per cent working interest in the joint venture, with BEE outfit Africa Wide taking charge of 26 per cent.

Platinum Group Metals says that it expects to begin drilling as early as next month, and is now drawing up plans for targeting pgm-rich deposits.