UPDATE 1-S.Africa's Mvela sets in motion process to de-list

* Mvela to de-list by Q1, 2010

* Company's collapse blow to black empowerment

* CEO resigns

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JOHANNESBURG, June 4 (Reuters) - South Africa's black-owned Mvelaphanda Resources (Mvela) (MVLJ.J) said on Thursday it would de-list and cease to exist by early next year after selling its stake in its unit Northam Platinum (NHMJ.J).

Mvela was set up by black politician Tokyo Sexwale, and its demise would slow down a drive to introduce black-owned mining firms in South Africa, and dash its own hopes of transforming into a mining operator from a holding company.

The collapse of Mvela illustrates how South Africa's push to sell equity stakes in mining firms to black investors has been hit by the financial crisis and falling metal and stock prices.

Mvela said in a statement it would sell its shares in gold producer Gold Fields (GFIJ.J) to repay its debts and dispose of its shares in Northam Platinum (NHMJ.J), in which it holds a 63 percent stake.

Mvela said in May that it was trying to make an acquisition in order to avert the potential de-listing.

But it said on Thursday that it had terminated talks on the proposed acquisition and would therefore now have to de-list.

"Mvela would de-list and cease to exist," Lazarus Zim, Mvela's chairman told a media conference call.

Zim said Mvela's black shareholders would end up owning a 27 percent stake in platinum producer Northam.

Mvela's plan to de-list was brought about by Johannesburg stock exchange rules, which bar a listed firm from generating more than half its earnings from an investment in another listed firm, or have more than three quarters of its net asset value tied in another listed company.

Such a firm is classified as a pyramid company.

Mvela derives the lion's share of its earnings and net asset value from Northam, and was required to de-list under the stock exchange rules.

(Reporting by James Macharia)