Platinum firm's black rights deal

Black ownership of top firms is growing in South Africa

South African mining group Anglo Platinum is to sell mines to two black-led firms in a deal worth about 35 billion rand ($4.85bn; £2.4bn).

The move will see the two companies - Anooraq Resources and Mvela Resources - controlling two of Angloplat's biggest platinum mines in the country.

It is also planning to distribute 1.5% of shares to its mostly black workers.

Angloplat has been under pressure to increase its involvement in black economic empowerment (BEE) schemes.

The firm, which is majority-owned by Anglo American, accounts for about 40% of global platinum production.

"This is a truly historic BEE transaction which will fundamentally transform the South African platinum mining industry," said Anglo American chief executive Cynthia Carroll.

Anooraq, which will buy a 51% stake in Lebowa Platinum and 1% of the Ga-Phasha Project, was the first black economic empowerment company with a primary listing outside South Africa.

It is almost 65% owned and controlled by a firm that is in turn owned by 15 BEE groups, including women's investment concerns.