Aquarius currently owns 45% of Kroondal, along with 100% of the Marikana platinum project, 8km east of the Kroondal operation in the Bushveld Complex.

The scheme, currently waiting approval from the shareholders, will result in Aquarius being listed in Johannesburg and Australia, as well as the London Alternative Investment Stock Exchange.

The merger will create a company worth $304 million.

The Kroondal mine, currently at full production, annually produces 100,000 ounces of platinum, 54,000oz of palladium and 17,000oz of rhodium.

The company recently boosted its reserves of platinum group metals by acquiring the Everest South platinum project from fellow miner Impala Platinum Pty Ltd.

Aquarius is expected to use the strong cash flows generated from the Kroondal operation to finance other mine projects in South Africa, including the development of Marikana and Everest South.

The Marikana project could go into production within two years, according to Kroondal managing director Dave Evans.

Marikana will be designed to process 1.5 million tonnes per annum of ore for a return of more than 140,000oz per annum.

The company’s ultimate corporate objective is to become a 500,000oz per annum producer, according to Aquarius’ managing director Keith Liddell.

Shares in Aquarius, which requested a trading halt on Monday morning, closed on Friday at $5.95 and currently trade at $5.75.