Impala Platinum and Impala Bafokeng Resources to consolidate operations
Impala Platinum Limited (Impala) and Impala Bafokeng Resources Proprietary Limited (IBR), two key subsidiaries of Implats in response to low prevailing rand platinum group metal pricing have agreed to consolidate their operations.
"This consolidation will align the legal structure with current reporting lines in place, and facilitate and progress the realisation of synergies between the two operations," Implats said in a statement.
It is expected that, over time, the consolidation will improve profitability and ensure the sustainability of the combined operations, which shall be ongoing and continuous.
Implats said there is no cash consideration attributable to the consolidation, nor will the shareholders of Implats, Impala or IBR change due to the consolidation. The consolidation also does not involve any related parties to the Implats group.
The consolidation will see Impala and IBR enter into an agreement in terms of which IBR will transfer its entire business (comprising the exploration, development and mining of PGMs and activities related thereto) including all its assets and liabilities to Impala as a going concern.
The transaction will be executed in accordance with the tax rollover provisions as provided for in the Income Tax Act, 1962 (Agreement), after IBR and other companies of the Implats group have implemented certain reorganisational steps relating to the businesses prior to the consolidation.
The effective date of the consolidation agreement is set for July 1, 2025, marking the beginning of a new phase for both companies.
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