Implats secures ownership of Royal Bafokeng Platinum
The year’s highlight for Implats was securing ownership of Royal Bafokeng Platinum Limited (RBPlat) and the Group is implementing its plans to integrate and optimise the asset to ensure maximum value from this important acquisition.
The combined asset base of Impala Rustenburg and RBPlat will result in a more secure and sustainable Rustenburg operating complex in years to come, with a premier mine-to-market production base, well capitalised infrastructure and long-term competitive positioning, enhanced by industry-leading integrated processing capability and realising material synergies.
The Group launched the proposed acquisition of RBPlat in November 2021, with an offer of R90.00 in cash and 0.3 Implats shares per RBPlat share.
The Competition Tribunal approved the transaction on 16 November 2022, and the mandatory offer closed on 21 July 2023, with Implats securing 98.91% ownership post year end. The compulsory acquisition of the residual shareholding, in terms of Section 124(1) of the Companies Act (71 of 2008) as amended, will be effected by 14 September 2023.
