Aquarius Platinum says that it has received a multimillion lump sum from its Black Economic Empowerment (BEE) partners as part of an agreed deal.

The London-listed platinum operation said that it had taken receipt of R860 million from the Savannah Consortium, the BEE outfit led by Savannah Platinum in conjunction with Chuma Platinum and Malibongwe Platinum.

The payment means that the Savannah Consortium now commands a 29.5 per cent interest in Aquarius Platinum South Africa (AQPSA), as a result of the 400 share issue in Aquarius.

CEO Stuart Murray commented: "I am delighted the funding package is now complete. It is proof that great BEE deals can be done. The fact that all parties have stayed committed to effect this positive outcome proves that our association with the Savannah Consortium will be successful, bringing growth and development to the company.

"It is an achievement on the part of the BEE partners to raise R860 million, which will be utilised by AQPSA to build its third mine in South Africa. The Everest team has been mobilised forthwith. This is an exciting time for Aquarius."

Aquarius Platinum South Africa is now 50.5 per cent held by Aquarius, 29.5 per cent by the Savannah Consortium, with the remaining 20 per cent held by Implats.

The Savannah Consortium will retain its holding until AQPSA's mining rights are converted to new order rights, at which point the consortium will exchange the AQPSA stake with Aquarius for more than 24 million new Aquarius shares.

Ultimately this will leave the Savannah Consortium holding around 23 per cent of the enlarged share capital, with Aquarius commanding an 80 per cent interest in AQPSA.