Aquarius Platinum said on Wednesday it had received approval from South Africa's competition authorities and the nation's central bank to acquire a 50 percent stake in Platinum Mile Resources.

Following approvals from the South African Competition Tribunal and the SARB (South African Reserve Bank), the 420 million rand consideration for 50 percent of the issued share capital of Platinum Mile will now be paid, the company said in a statement.

Aquarius said in February this year it had entered into a binding agreement for the shareholding, which was acquired from local investment group Mvelaphanda Holdings and a consortium of private investors.

Platinum Mile, which operates in South Africa's North West province, processes mine tailings from which it currently produces around 20,000 ounces of platinum group metals annually.

Aquarius has most of its operations in South Africa and is listed on stock exchanges in Johannesburg, Sydney and London. Its shares were trading down 3.19 percent at 121.01 rand on Wednesday on the Johannesburg Stock Exchange. (Reporting by Serena Chaudhry; Editing by Paul Simao)

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