Blue Nightingale, a company wholly owned, controlled and managed by historically disadvantaged South Africans (HDSA), has taken a 30 per cent share in the platinum producer Nkwe Platinum.

The agreement was signed as part of the Black Economic Empowerment (BEE) policy.

Blue Nightingale will transfer some assets to Nkwe as part of the broader merger agreement.

Jack Griffin, Nkwe's chairman said that he was pleased to have reached an agreement with the company.

"We believe that this transaction will ultimately create a substantial empowerment company that will initially develop pgm prospects on the western and eastern limbs of the Bushveld Complex in South Africa," he said.

"Blue Nightingale will provide significant shareholder value as it incorporates a management team with mining and commercial expertise and experience."

Maredi Mpahlele, the chairman of Blue Nightingale, added: "We wish to add significant value to Nkwe by securing significant PGM properties to be merged with Nkwe’s existing pgm projects."

He said his company aims to create a significant HDSA mining house in South Africa.

Ÿ Adfero Ltd