Shareholders in Zimbabwe Platinum Mines (Zimplats) have accepted a bid by Impala Platinum (Implats) to buy out Zimplats minorities in two transactions.

Implats, the second largest platinum firm in the world, already has a 36 per cent stake in Zimplats.

This will now be swelled by the purchase of banking group Absa's 14.82 per cent shareholding, while Implats has also approached minority shareholders.

Implats financial director David Brown said the offer was unconditional and had no bearing on the two companies' undertaking to put 15 per cent of Zimplats in the hands of an indigenous investor.

The timing of the deal could be explained by Zimplats's need to raise £100 million to fund an expansion programme that would double platinum production.

Mr Brown has said that Implats would be unhappy with having to commit to 100 per cent of the expansion risk but only have 60 per cent of the reward, suggesting that the company would not invest in the expansion without being granted an increased share.