Implats closer to R21,2bn takeover

Impala Platinum’s (Implats) R21,2-billion bid for Mvelaphanda Resources and Northam Platinum has moved a step closer to formalisation.

This follows confirmation by Mvela Resources and Northam on Monday that the Department of Minerals and Energy had reviewed the transaction and provided assurance that Anglo Platinum would not lose the black economic empowerment (BEE) credits it had already earned through its BEE deals with Mvela and Northam.

With all the necessary approvals required from the department in hand, Implats can now proceed with the completion of its due diligence on Northam and Mvela Resources.

Implats will then decide whether to proceed with a firm offer for the two companies.

The cash and shares deal was revealed earlier this month when Implats announced its firm intention to make an offer for all of Mvela Resources’ and Northam’s issued share capital.

If completed, the transaction will create the South African-controlled platinum champion Implats envisions.

It will also give Implats access to Booysendal, an asset with more than 100-million shallow ounces of platinum group metals. — I-Net Bridge

Subscribe to the M&G

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

Related stories


press releases

Loading latest Press Releases…

The best local and international journalism

handpicked and in your inbox every weekday