Russian venture capital outfit Renova is seeking to move into the Black Economic Empowerment (BEE) mining movement in South Africa and invest in a number of platinum operations.

Reports from Kommersant suggest that in the latest session of the semi-public intergovernmental committee on trade and economic cooperation between Russia and South Africa, the development of Russian involvement in the platinum sector was a key topic of discussion.

Details of the meeting obtained by the Russian news agency claim that the platinum group metals focus is one of the primary goals of Renova, although to date only a $300 million manganese ore mining operation in Kalahari has been officially announced.

"Parties . . . have confirmed their mutual interest to develop Renova's projects in the mining and processing of pgm and to transfer Russian technology in precious metals treatment," the report read.

Sources with the Russian outfit confirmed that discussions were underway: "Yes, we have such a project in our scope of activities."

"We have been in discussions for six months already, looking for a site. We have inspected almost 100 land lots, made a preliminary choice of several dozen.

"However, geological and economic feasibility is not quite clear. I think, we will be able to make an announcement in a few months, maximum in six months."

News of the Russian entrant to South Africa's platinum market, and the potential for tie-ups with domestic firms under the terms of the BEE legislation, has taken many in the industry by surprise.

Renova also owns an 85 per cent share in SUAL, the second largest aluminium firm in Russia which operates plants including Irkutsk, Ural, Nadvoitsk, Kandalashsky and Bogoslovsky.