The Zimbabwe Mining and Smelting Company Consolidated Enteerprises Ltd (Zimasco) has reduced its shareholding in Australian platinum producer Aquarius Platinum Ltd.

Aquarius announced the move in a statement to shareholders, which did not give details of either the previous or current Zimasco stake.

'Aquarius Platinum have received a notice from Zimasco Consolidated Enterprises Ltd advising that they now cease to be a substantial shareholder in the company following an in specie distribution of their entire shareholding in the Australian platinum group to Zimasco shareholders.'

Zimasco, a significant ferrochrome exporter, acquired its Aquarius holding following Aquarius's acquisition of ZCE Platinum Ltd, which owns the Mimosa Platinum Mine.

The shares were the subject of restrictive trading terms, which expire after three years, on the First of July 2005.