Implat's sale of its 27.1 per cent holding in Lonmin's platinum arm Lonplats could become a model for black economic empowerment, Lonmin consultant and BHP Billiton CEO Brian Gilbertson said at the opening of the 22nd International Mineral Processing Congress.

'The burst of activity triggered by BEE legislation has tended to follow the 'Randlord' pattern', he said, 'with a small number of entrepreneurs amassing great wealth through their enterprise rather than the pattern of widespread ownership.'

He said the high quality, long-life platinum ore reserves and general economic situation in South Africa would be conducive to the success of Newco, Implats' and Lonplats' new joint BEE venture.

Crucial, he said would be the development of Newco as an 'established, robust mining business with strong cash flows.' The next challenge after that would be to set up a capital structure compatible with the widely dispersed black ownership model.

'An appropriate foundation for such a flagship might well have emerged over the past two weeks', said Mr Gilbertson.

'Lonmin's vision for the new company is that it will develop into that flagship for BEE ambitions in the South African mining industry, with robust assets and sound growth prospects.'