Aquarius set for Ridge Mining acquisition

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The Australian resources giant Aquarius Platinum is set to acquire its UK-based rival, Ridge Mining.

Neither company chose to disclose financial details on the agreement, but Aquarius - which mainly operates in South Africa - stated that the deal "made sense" and would boost its portfolio.

When completing due diligence, financial and legal advisors at both companies could take advantage of a virtual data room from Ansarada, which would provide security and allow the transaction to be completed swiftly.

Chief executive of Aquarius, Stuart Murray, said: "In only a decade Aquarius has grown from a fledgling developer to a mid-tier operator with interests in six operating assets.

"As Ridge's flagship Blue Ridge mine enters production, we believe that now is the right time to seek a strategic partnership."

His opposite number at Ridge, Terence Wilkinson, suggested that the deal would give his company greater security during the economic crisis.

Earlier this month, it was revealed that the British energy giant BG Group was hoping to beat rival Arrow to the acquisition of Australia's Pure.