Anglo Platinum (Angloplat) has created another black economic empowerment opportunity through a joint venture between its subsidiary Potgietersrust Platinum and a wholly owned subsidiary of Canadian firm Anooraq Resources.

A deal between Potgietersrust Platinum and Anooraq's South African subsidiary, Plateau Resources, has been struck, with the partnership planning to develop a site in the Bushveld Complex.

The deposit targeted for expansion lies on the Northern Limb of the South African mining complex.

Anooraq Resources' president and chief executive Ronald Thiessen said the new joint venture would target platinum group metals and some other precious metals.

Initial work is to begin at Drenthe farm and the adjacent northern portion of the Overysel farm.

'The goal is to explore and develop a large-scale, open pit deposit utilising nearby milling and smelting facilities that could provide substantial cost advantages to a new mining project,' Mr Thiessen told Business Report.

Anooraq is anticipating expenditure of around R12.35 million and plans to begin exploration early next year.