Royal Bafokeng Platinum Ltd. , a South African miner of the precious metal, has orders for all stock on sale in its 3 billion rand ($431 million) initial public offering at around the middle point of the price range it sought, a person familiar with the matter said.
Miners at the world’s three largest platinum companies agreed to end a crippling five-month strike as Association of Mineworkers and Construction Union members accepted the latest offer from South African producers.
Impala Platinum Holdings Ltd. , which said today it’s in talks on a possible transaction, may be planning to acquire Royal Bafokeng Platinum Ltd. to gain access to the company’s South African mine, according to fund managers.
Royal Bafokeng Platinum Ltd. , the South African producer of the metal, said it agreed the main commercial terms of a deal that will allow Impala Platinum Holdings Ltd. , the world’s second-largest producer, to mine part of Royal Bafokeng’s reserves.
Anglo Platinum Ltd. , the largest producer of the metal, vetoed a deal that could have combined the 300,000-strong Bafokeng nation’s Rasimone mine with rival Impala Platinum Holdings Ltd.’s largest mine, Royal Bafokeng Holdings Ltd. Chief Executive Officer Niall Carroll said.
The Royal Bafokeng Nation, representing a 300,000 strong community in South Africa that began more than 100 years ago buying back land taken from them under colonial rule, will sell shares in a platinum mine.