Impala Platinum (Implats), the world's second largest platinum miner, has a rival in its bid for Zimbabwe Platinum Mines (Zimplats) after Barbican Holdings, a Zimbabwean financial services group, declared its intention to make a bid.

The offer Barbican is discussing is highly competitive - $5.00 a share rather than the $4.08 being offered by Implats.

Zimplats has received a letter detailing Barbican's intentions, with further communications with shareholders to follow.

The miner has responded by asking Barbican to reveal its financial arrangements for covering the offer.

A company spokesman said: 'Until Zimplats receives the relevant offer documentation and confirmation of funding arrangements, shareholders are advised to exercise care in dealing in their Zimplats shares and to refrain from selling into the Implats offer until further information is available.'

On Friday (August 11th) Zimplats said that some of the company's major foreign shareholders were in favour of accepting a cash offer from Implats.