The London and Australian-listed platinum miner Aquarius Platinum (AQR) intends to raise capital from its obligation to include an empowerment partner at its South African operations.

Chairman and managing director Stuart Murray said the money gained would be used to reduce the company's liabilities (worth $177 million at the end of June this year), and to fund the Everest South exploration and platinum reserve pool-share with Anglo American Platinum.

Under the terms of the Mineral and Petroleum Resource Development Act, mining companies in South Africa have to sell 15 per cent of their equity to empowerment groups within five years and 26 per cent within ten.

AQR, in which Impala Platinum has an eight per cent interest, has three platinum projects in South Africa, as well as a 50 per cent stake in the Mimosa mine in Zimbabwe.

'We are talking to existing empowerment concerns that don't yet have a stake in the platinum industry', said Mr Murray.

'We are in the process of finalising a memorandum of understanding with a consortium comprising credible and bankable historically-disadvantaged South Africans to buy into the company.

'If this buy-in can be funded in an acceptable time-frame, it will lead to a formal agreement in the medium term.'