Aquarius Platinum shareholders have voted overwhelmingly in favour of plans to issue new shares as part of the Savannah Consortium empowerment plan.

The platinum firm confirmed at its special general meeting that shareholders had approved the issue of 24,599,542 new shares in order to provide a stake in the company for the empowerment vehicle.

The Savannah Consortium - which is led by Savannah Platinum in conjunction with Chuma Platinum and Malibongwe Platinum - will now land a 23 per cent stake of the enlarged share capital of Aquarius.

Aquarius chief executive Stuart Murray hailed the news as a milestone: "I am delighted that shareholders have overwhelmingly supported this landmark Black Economic Empowerment (BEE) transaction, which will see Aquarius becoming one of the first mining companies to comply with a significant portion of the new minerals legislation in South Africa.

"At the same time, we are equally pleased to report that our BEE partners, the Savannah Consortium, have finalised their funding and have signed all the requisite documentation. We are preparing the mobilisation of the Everest project team."

The consortium will contribute R860 million in subscribing for the new shares in Aquarius Platinum, enabling the company to fund the Everest mine project on the eastern limb of the Bushveld Complex.

The new mine will eventually deliver 220,000 ounces of pgms a year, with platinum accounting for around 60 per cent of the production and palladium 30 per cent.