Impala Platinum’s Canada acquisition to close this week
All the required regulatory approvals for South African miner Impala Platinum’s (Implats’) acquisition of Canadian miner North American Palladium (NAP) have been received.
The C$758-million, or R11-billion, transaction remained on track to close on December 13, NAP said in a statement on Monday.
The deal adds the Lac des Iles mine, in Ontario, Canada, to Implats’ South African portfolio. CEO Nico Muller previously said that the transaction would expedite Implats’ transition to becoming a multinational producer.
The regulatory approvals of the NAP deal come as Implats is facing a difficult week in South Africa, where platinum and gold mining companies are halting mines, owing to a shortage of electricity.
The country’s State-owned supplier, Eskom, on Monday implemented a record level of power cuts of 6 000 MW to stabilise the grid.
According to news agency Bloomberg, Implats did not start the 4:00 underground shift on Tuesday. The company has also reportedly stopped milling ore and shut its smelter.
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