South Africa: Implats Reconsiders Merger Proposal for Booysendal Project

Johannesburg — TURBULENT market conditions and weak platinum group metals (PGMs) prices have forced Impala Platinum to reconsider the terms of its proposal to buy Mvela Resources and Northam Platinum to secure control of the Booysendal platinum project.

The announcement that the merger proposal had gone back to the drawing board follows a day after Lonmin, the third-biggest platinum producer, said it would cut back some of its operations and put development projects on hold as conditions were expected to remain challenging for at least the next 18 months.

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