Baroka Platinum has offered ZAR3bn ($263m) to acquire Anglo American Platinum's (Amplats) stake in Bokoni mine in the Limpopo province in South Africa.
Reuters reported that the South African mining firm is part of the Baroka Tribal Mining business.
Baroka Tribal Mining was founded with the aim of helping the impoverished Ga-Nkwana community.
The four-shaft Bokoni mine, which has an annual production capacity to 170,000oz of platinum group metals, is 49%-owned by Amplats, while its joint venture partner Atlatsa Resources holds the remaining interest.
A document cited by Reuters stated that Baroka's acquisition offer includes a 22.5% indirect stake of Amplats in Atlatsa.
This latest offer is claimed to be far lower than the ZAR4.5bn Baroka made in January, according to media sources.
Following the acquisition, Baroka Platinum will have its first production asset and would be able to derive more income from the Bokoni mine.
Once the transaction with Amplats concludes, Baroka also plans to acquire Atlatsa's stake in Bokoni, a source told the news agency.
State-owned pension fund of South Africa, Public Investment Corporation, would provide monies for part of the Bokoni deal in exchange for a stake in the mine.
Local and international lenders will provide the remaining capital.