Impala Platinum Holdings (IMPUY-O, IPLA-L, IMPO-J) will accelerate the takeover of African Platinum (AFRPF-O, APP-L) following Afplats shareholders’ approval of the bid’s scheme of arrangement.
The bid, which had been intended to close by June 7, will now see a court hearing on May 10 and close on May 14. Afplats shareholders should receive cash payment for their shares within two weeks of the closing.
Implats will take over the Leeuwkop platinum project on the western limb of the Bushveld igneous complex in South Africa. Leeuwkop is at feasibility stage, and a 54-million-tonne reserve, grading 3 grams platinum, 1.4 grams palladium and 0.5 gram rhodium per tonne, all on the Bushveld’s UG2 reef. Current plans are to mine Leeuwkop to produce 300,000 oz. combined noble metals annually.
That reserve comes out of a measured and indicated resource of 64 million tonnes at the same grades on UG2; another 34 million tonnes grading 1.8 grams platinum, 0.9 gram palladium, 0.1 gram rhodium and 0.3 gram gold per tonne, is on the Merensky reef, all in indicated resources. Inferred resources of about 330 million tonnes are also drilled out on the two reefs, at comparable grades to their indicated resources.
Two other nearby projects held by Afplats, Inkosi and Imbasa, have established platinum-group-element resources as well.
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