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November 30, 2021

Implats offers to acquire remaining stake in African PGM producer RBPlat

Implats recently acquired shares in RBPlat, which represent a stake of nearly 24.5%.

South African firm Impala Platinum (Implats) has offered to acquire the remaining shares in platinum group metals (PGM) producer Royal Bafokeng Platinum (RBPlat) at $9.3 (R150) per share.

The move follows Implats’ recent acquisition of a 24.5% stake in RBPlat, which comprises shares from RBPlat’s institutional shareholders.

Implats has now offered RBPlat shareholders a cash consideration of $5.58 (ZAR90) and 0.3 Implats shares for each share held.

Implats CEO Nico Muller said: “Implats’ offer to acquire a majority stake in RBPlat offers compelling strategic, operational and financial benefits for all stakeholders.

“It presents an opportunity to create a sizeable and sustainable Western Limb production base capable of capitalising on significant, unique synergies available as a result of the contiguous nature of Impala Rustenburg and RBPlat’s operating assets.”

RBPlat holds mining and concentrating operations, which are contiguous to Implats’ Impala Rustenburg portfolio on the Western Limb of South Africa’s Bushveld Igneous Complex.

Recently, South African mining firm Northam Platinum signed a deal to purchase a 32.8% stake in RBPlat for $1.13bn (R17bn) from a fully owned unit of Royal Bafokeng Holdings Proprietary Limited (RBH Group).

RBH Group currently holds a 36.1% stake in RBPlat.

RBPlat has formed an independent board to evaluate and consider an offer from Implats and agreed to facilitate it in the interest of shareholders, as well as potential value creation.

RBPlat CEO Steve Phiri said: “We will continue to engage as appropriate with all bona fide parties in the pursuit of creating value for all our stakeholders.

“Implats’ offer and the recent acquisition of RBPlat shares by Northam are testament to the value inherent in this business and to the hard work that our teams have put in. We will continue to engage with all shareholders as we ultimately pursue the delivery of value.

“We will continue to engage with all shareholders as we ultimately pursue the delivery of value.”

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