Impala Platinum has confirmed further progress in its sale of junior platinum miner Barplats Investments.

The Salene Platinum Consortium is currently in the process of acquiring Implats' 83.2 per cent stake in Barplats following an agreement announced last month.

A suitable bank guarantee has now been secured to cover the full purchase price of R388.9 million, which equates to R2.10 per share.

It is hoped the transaction will be completed by 30 June, providing it is approved by the South African Competition Commission.

Implats has been looking to offload its wholly owned subsidiary since at least last summer when the first reports of a potential sale started to emerge.