CAPITAL MARKETS

Implats and Northam increase stakes in RBPlat

Takeover tussle continues

Staff reporter
 Royal Bafokeng Platinum operations in South Africa’s North West

Royal Bafokeng Platinum operations in South Africa’s North West

Implats said yesterday it had acquired a further 0.33% of RBPlat shares, taking its holdings to about 32.26%, which almost rivalled Northam Platinum's initial stake.

Northam Platinum had acquired a 32.8% stake in RBPlat last month, in a deal worth about US$1.1 billion, from major shareholder Royal Bafokeng Holdings which had withdrawn its support for a mooted Implats deal.

Northam this week acquired further shares of RBPlat, at a volume weighted average of R162.70, upping its stake to 34.95%.

It also said it had reached agreements, via put and call options and a right of first refusal to acquire shares, to further boost this to 38.27%.

Implats reiterated it might acquire more shares, having announced a firm intention to make an offer for RBPlat in November at R150 per share. 

Meanwhile RBPlat yesterday said it would convene a virtual general meeting of shareholders on January 13 to consider the appointment of two Northam executive directors, Paul Anthony Dunne and Aletta Helena Coetzee, as non-executive directors.

RBPlat describes itself as the only community-owned company listed on the JSE and expects to produce 475,000-485,000 ounces 4E this year.

Implats shares lost 4% yesterday to R215.19, RBPlat eased 0.7% to R154 and Northam Platinum fell 4.88% to R213.55.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.