Eastern Platinum has announced an agreement with black economic empowerment (BEE) group, Gubevu Consortium Investment Holdings.

Under the terms of the deal, Eastern Platinum will acquire 42.39 per cent of the shares Gubevu, which itself holds just over a quarter (26 per cent) of Barplats' shares.

It is understood that Eastern Platinum will pay R43 million for the shares, as well as settling Gubevu's outstanding financial obligations under the group's other agreements. It is anticipated that this will cost in the region of R167 million over the course of between two and five years.

Ian Rozier, President and Chief Executive of Eastern Platinum and Chairman at Barplats, commented: "These agreements clear the path for us to increase our holdings in South Africa, and simplify the overall corporate structure of these assets at the same time."

Looking to the future, Mr Rozier added: "Our proposed JSE listing demonstrates our commitment to having a long term presence in the country and provides the opportunity for all South Africans to participate in the future growth of our company."

Ÿ Adfero Ltd