Aquarius Platinum says it is progressing well with its planned transaction with black economic empowerment (BEE) consortium, SavCon.

The platinum miner says it is well on course to finalise its BEE deal with the Savannah Resources-led group, and anticipates completion by the end of September 2004.

SavCon has secured funding worth R845 million from three financial institutions, with the support of the Development Bank of Southern Africa completing the trio.

The group will now land 29.5 per cent of Aquarius, with the transaction set to generate funds for the immediate development of the pgm miner's Everest project - capable of producing 220,000 oz of pgms per year from mid 2006.

Aquarius says that this 29 per cent stake will be exchangeable in the future into approximately 23 per cent of the company, at R34.96 per share.

One of the difficulties of the deal - the ongoing weakness of the US dollar and the surging Rand - has been overcome after both sides agreed to a repricing of the transaction.

Aquarius chief Stuart Murray said he was "delighted to hear of the progress made by SavCon in achieving closure on the financing of our empowerment initiative".

"A transaction of this magnitude, in the current tough operating environment, is a challenge for anyone. All the parties have worked diligently to deliver an attractive outcome for the company, its shareholders and our BEE partners and their funders," he went on.

"I know that SavCon will be an active participant in the Company as we move into the next phase of growth when we start construction of the Everest mine in two months or so."