Black Economic Empowerment (BEE) group, Savannah Resources has announced that it is considering a "flip up" of its remaining stake in Aquarius Platinum South Africa (AQPSA), to its parent company Aquarius Platinum.

Savannah currently owns a 26 per cent stake in Aquarius Platinum's South African operation but is now looking to convert that into shares in the parent company.

Kofi Morna, chief executive of Savannah, revealed that the firm is seriously considering the potential for such a move, following the sell-back of 3.5 per cent of its shares to Aquarius earlier this week.

In an interview with Mining Weekly, Mr Morna added that the company is in no rush to make the flip up, which would translate into around 20 per cent of AQP.

Such a move is likely to get strong support from AQP, with chief executive Stuart Murray telling Mining Weekly: "We would have welcomed it yesterday, but we have to comply with the laws."

Ÿ Adfero Ltd