Aquarius Platinum has released details of a new black economic empowerment project, which will see Savannah Resources acquire part of the platinum firm.

Under the terms of the deal Savannah will land 26 per cent of Aquarius for a cash consideration of R860 million.

Completion of the transaction will see Aquarius become fully compliant with the equity ownership component of South Africa's mining charter, under the terms agreed by the Government.

The Industrial Development Corporation (IDC) and the empowerment group will commit R415 million of the funding, subject to certain conditions.

In a statement Aquarius listed its empowerment investors as Savannah Resources, Chuma Holdings and Malibongwe Women's Development Organisation.

The transaction is expected to be completed in the first quarter of 2004.