Valterra Platinum said to have approached rival miner Northam
Exploring a potential deal that could create by far the world’s largest supplier of the precious metal.
On Tuesday, South Africa's largest platinum group metals (PGM) producer Northam Platinum announced it had received an unsolicited approach from an unnamed PGM rival for an "asset-level" or "corporate" transaction. The statement marked a shift in South Africa's main PGM producers' focus on organic growth. Northam's announcement narrowed the potential list of suitors to three: Valterra Platinum, Impala Platinum, and Sibanye-Stillwater.
However, spokespeople for Implats and Sibanye both denied being the party mentioned. Valterra, which was formerly Anglo's PGM unit, saw its share price fall by more than 5% in response to the news. Northam's share price, on the other hand, increased by 6% by mid-afternoon trade. Northam Platinum's CEO, Paul Dunne, has expressed interest in South African asset Amandelbult, which is close to Valterra's Der Brochen mine.
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