Impala Platinum Holdings Limited (Implats) purchased Public Investment Corp.’s 9.26% in Royal Bafokeng Platinum (RBPlat). This, together with additional acquisitions, results in Implats gaining majority control of RBPlat with a current shareholding of 55.46% and secures Implats’ commitment to implementing broad-based equity ownership in the South African platinum group metals (PGM) sector through a proposed empowerment transaction at Implats’ subsidiary, Impala Platinum Ltd. (Impala), and Royal Bafokeng Resources (RBR), the RBPlat subsidiary, which holds the RBPlat operating assets.
“The Public Investment Corp. is a strategic shareholder and key stakeholder in the South African PGM industry, and its decision to sell to us strongly affirms the rationale of the Implats transaction, which is key to the long-term economic stability of the Rustenburg region,” said Implats CEO Nico Muller. “This level of ownership triggers a series of significant public interest benefits for South Africa. Implats will facilitate the introduction of broad-based black economic empowerment structures in the ownership of the Implats and RBPlat operations, increasing economic participation and ownership of key assets in the South African PGM sector. Our partnership with Siyanda Resources, a pre-eminent strategic empowerment partner with a strong track record of delivering sustainable and enduring broad-based ownership, is an exciting development.” The proposed empowerment, the company said, remains subject to securing the necessary approvals, to the extent required.
Implats has also undertaken to co-fund projects over five years related to hydrogen technology and its commercialization in South Africa, in collaboration with the Industrial Development Corp. These projects will seek to benefit local communities around Implats’ operations, with Implats providing additional funding for proof-of-concept activities.
The level of localisation post-transaction will be maintained and improved in terms of the local supply of capital machinery. Implats has committed to working with local businesses to support and enhance the quality of their products to meet the required specifications.
Securing control of RBPlat, Muller explained, will contribute to job security for more than 42,000 Impala Rustenburg employees and contractors, and stability for the more than 495,000 people who depend on its mining activities and social contributions.
