Platinum miner Lonmin has announced that it has increased its holding in Lonplats by 9.1 per cent for a fee of $282.6 million.

Lonmin will pay Impala Platinum in order to land the additional Lonplats shares after today signing papers on the long-awaited deal. Lonmin now boasts an 82 per cent stake in Lonplats as well as a 23.6 per cent interest Incwala.

The deal is part of a wider movement that will in turn see black empowerment vehicle Incwala stake its claim in the platinum industry, when it lands 18 per cent in Lonplats.

Incwala's stake - which cost $480.2 million - is part of the process of empowering the indigenous participants in the mining industry under the deal announced in September 2003.