Black Economic Empowerment partners, led by investors Savannah Resources, have made significant progress in obtaining the remaining finance required for the BEE transaction announced to the market last December, Aquarius Platinum have announced.

Aquarius and the BEE Investors are presently in the final phases of implementing the remaining aspects of the transaction to accommodate the balance of the financing requirements.

Yesterday, Aquarius announced that they expect to be in a position to provide the market with details of the transaction by the end of April.

Stuart Murray, CEO of Aquarius, said: "This transaction which is of great significance to all participating parties warrants the utmost of care in its structuring.

"This will ensure that the financing structure agreed between Aquarius and the BEE Investors is created in an efficient and beneficial manner."

The Government's black empowerment programme requires companies to take steps to increase the participation of the black majority in the mainstream economy.

The mining industry last year sealed one of the biggest empowerment deals by linking up with two other firms to create the country's largest black-controlled mining house.

A law due to be passed in May demands that 15 per cent of mining operations be owned by black people within five years and 26 per cent within a decade.