https://www.miningweekly.com

Northam quits RBPlat takeover battle

RBPlat's Styldrift mine

RBPlat's Styldrift mine

Photo by Creamer Media

5th April 2023

By: Reuters

  

Font size: - +

Northam Platinum has terminated its offer to buy Royal Bafokeng Platinum (RBPlat) citing low prices of platinum group metals (PGM) as it ended a year-long takeover battle with bigger rival Impala Platinum.

Northam had outbid Impala's initial offer to acquire RBPlat, but on Wednesday said that PGM prices had fallen to levels amounting to a "material adverse change" that proved fatal to its offer.

"Northam Holdings hereby notifies RBPlat shareholders that the offer is terminated with immediate effect," it said.

The miner said that the rhodium closing price has remained below $9 000/oz for 12 consecutive trading days, while the basket price for four PGMs had fallen below R33 000  ($1 830.91) an ounce for ten consecutive trading days.

Northam's decision to end its pursuit of RBPlat clears the path for Impala, the world's second-biggest PGM producer, to strengthen its hold on a miner with high-grade assets that made it an attractive takeover target.

Impala and Northam have built holdings in RBPlat of 40.71% and 34.52% respectively during the takeover battle.

Northam did not say whether it would retain its stake or sell to Impala, but Northam CE Paul Dunne told analysts on March 24 that his company could consider jointly running RBPlat with Impala.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

The Southern African Institute of Mining and Metallurgy
The Southern African Institute of Mining and Metallurgy

The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.071 1.047s - 147pq - 3rq
Subscribe Now