Doreen Joubert sits at her Mega Pawn shop and complains that a 10-week wage strike in the world’s biggest platinum-mining industry is crippling business in the South African city of Rustenburg. She’s taken up bead work to pass the time.
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.
Wesizwe Platinum Ltd. is considering the disposal of its minority stake in Platinum Group Metals Ltd.’s Maseve mine as it focuses on developing its Bakubung project, Chief Executive Officer Jianke Gao said.
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.