Aquarius Platinum has sought to downplay suggestions that it is set to take legal action against the South African government over the appropriation of mineral rights.

Citing certain "inaccurate media reports", the London-listed platinum firm said that it had no intention of taking action arising from supposed grievances with the South African Mineral Development Act.

The Act, which was posited as effective legislation as of May 1st 2004, transfers private mineral rights to the state, with firms required to meet Black Economic Empowerment (BEE) requirements in order to secure a mining license.

Responding to reports in the Financial Times that four foreign mining groups were considering suing the government, Aquarius issued an unequivocal statement in which it made clear it would exercise that option if necessary but that there are no current plans to do so.

"[Aquarius] and other mining companies merely reserved their rights to institute action against the government for an expropriation of mineral rights should jurisprudential development in South Africa ever dictate that the Mineral Development Act does in fact amount to such an expropriation and that mining companies suffered a quantifiable loss due to such expropriation," the statement read.

Aquarius said it had always "aligned itself with the transformation in the South African mining industry" and that it would be seeking to discuss further legislative changes.