Aquarius Platinum to pay $109.7m for 74% of Afarak Platinum

Aquarius Platinum (AQP.L: Quote), the world’s fourth-largest primary platinum producer, said it would buy 74 percent of Afarak Platinum for $109.7 million to build up its reserves of the precious metal and cash in on rising prices.

Spot platinum prices XPT= gained over 20 percent in 2010 and are expected to continue rising this year as risk aversion and low interest rates boost their allure.