The progress of Aquarius Black Economic Empowerment (BEE) venture and the associated domestic investment that goes with it has received financial backing from the Development Bank of Southern Africa.

The bank has confirmed that it has agreed to help fund the project, issuing capital for a new platinum mining venture in the Mpumalanga town of Lydenburg.

Under the terms of the agreement the bank will provide R860 million to kick-start the BEE process, facilitating the entrance of BEE vehicle Savannah Resources but also galvanising the local area.

Frencel Gillion, head of corporate finance at the bank, told Business Day that the project was financially sound but would also yield more jobs, investment and a better infrastructure for the region.

It is thought that almost 1,000 full time jobs will be created by the new scheme, with a further 1,000 temporary jobs.

Aquarius chief executive Scott Murray underlined the potential for positive impact n the community, as the platinum industry scrutinises what is being seen as a litmus test for similar projects in the region.

Mr Murray said he could see a 15-year development plan in which long lasting community initiatives were set up, including projects such as the purchase of the southern hemisphere's largest kiwifruit farm.

"We are hoping to leave a sustainable agricultural enterprise that will live well beyond us," he explained.

The bank also revealed that the deal would make Aquarius the fourth largest platinum producer in South Africa, eclipsing Northam Platinum.