Aquarius rises, sells control of Zim JV

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IOL BR mining PIC001 REUTERS File image: Reuters

Shares in Aquarius Platinum rise nearly 2 percent in Johannesburg as the platinum says it and its JV partner will sell control of their Zimbabwean mine to locals in a $550 million deal to meet affirmative action targets.

Aquarius, which owns the mine jointly with South Africa's Impala Platinum, is up 1.77 percent at 6.31 rand. Aquarius is also listed in London

“Fears of outright expropriation were abound earlier in the year and was a major driver for the shares' underperformance relative to other platinum plays,” London-based brokerage house Liberum Capital said in a note.

“We see the indigenisation agreement as a major milestone which significantly de-risks one of the highest margin platinum assets globally.” - Reuters

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