Implats looks to add mid-tier PGM miner
Implats (JSE:IMP) and Royal Bafokeng Platinum (JSE:RBP) are negotiating a merger, according to a joint statment by the two companies released today.
The companies said due diligence is completed. If the deal goes through, Royal Bafokeng Platinum would be acquired by Impala Platinum Holdings (Implats) and Royal Bafokeng Platinum, which has all its operations in South Africa, would be de-listed.
Royal Bafokeng Platinum was up 20% to 11,430.00 ZAC. Implats was down 1.36% to 20,818.00 ZAC.
During Implats 2021 fiscal year, it produced 3.27 million ounces of 6E, the six platinum-group metal elements.