Wesizwe Platinum Ltd., the South African platinum explorer, agreed to a takeover for about $878 million by Jinchuan Group Ltd. and China-Africa Development Fund to help pay for its Frischgewaagd-Ledig project in South Africa.

The shares rose 9 percent.

The two companies will pay $227.5 million for a 51 percent equity stake and provide $650 million in loans to finance the Frischgewaagd-Ledig project, Johannesburg-based Wesizwe said in a statement today. Wesizwe said the offer values it at 2.07 rand a share. They were at 2.18 rand at 9:20 a.m. in Johannesburg.

The agreement "will provide Wesizwe with the financial muscle to enable it to examine future growth opportunities," Michael Solomon, chief executive officer of Wesizwe, said in an e-mailed statement.

Wesizwe on Oct. 27 said it was considering three opportunities that would affect future funding and strategy. The company has been trying to raise money to build a mine at the Frischgewaagd-Ledig project in the country's North West province.

Chinese companies in 2009 signed deals worth at least $600 million in Namibia, Ghana, Kenya and Mozambique, according to Bloomberg data.