Mvelaphanda Resources reported a sharp drop in full-year headline earnings on Thursday, hit by an accounting change.

Mvelaphanda Resources said on Monday it would sell 44-million shares in Northam to Kazakh group ENRC in a bid to simplify its corporate structure.

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

Shares in Impala Platinum fell more than 3% on Friday after it unveiled plans to buy Mvelaphanda Resources and Northam Platinum for R22-billion.

Impala Platinum said on Thursday it had proposed a cash and shares deal valued at about R25-billion to buy Mvelaphanda Resources and Northam Platinum.

Shares in Mvelaphanda Resources closed 8% up on Wednesday on speculation of an imminent announcement on a tie-up with Implats.

Impala Platinum said on Friday it is in talks with Mvelaphanda Resources and Northam Platinum, sending shares of all three mining companies soaring.

Mvelaphanda Resources denied on Monday it was in talks with Aquarius Platinum about a merger with the world’s number three platinum producer Lonmin.

Northam Platinum posted a 12% rise in full-year earnings on high metal prices, despite weaker output, and forecast rising output.

Nedbank Capital has structured a deal that will assist BEE mining company Mvelaphanda Resources increase its stake in Northam Platinum to 63%.

South Africa’s Northam Platinum said on Wednesday it expected to lose about 1 000 ounces per day of output after shutting its mine early on Tuesday when a worker was killed in a…