IMPALA Platinum (Implats), the platinum producer, said yesterday it had bought Canadian miner Platexco for R900m. Implats said the deal, which paves the way for a R1bn mine development in the Eastern Bushveld, valued Toronto-listed Platexco at C$9,50 a share. ”All conditions have been fulfilled and the transaction is unconditional,” Implats said. It said the total cost of acquisition worked out at less than $5 a platinum group metal ounce. An Implats representative said the purchase of the Canadian miner was the firm’s biggest acquisition in a decade. The new, high-grade mine would yield about 200000 ounces a year of platinum for more than 30 years after capital expenditure in excess of R1bn. – Reuters