Impala Platinum Pares Gains After Saying Talks Over Transaction Terminated

Impala Platinum Holdings Ltd., the world’s second-largest producer of the metal, pared gains in Johannesburg trading after saying talks over a potential transaction ended.

The company, in a statement today, didn’t identify the other groups involved. Royal Bafokeng Platinum Ltd. and part- owner Anglo Platinum Ltd. said in separate statements released less than an hour later they had ended talks with an unnamed party that had offered to buy the Rasimone mine in South Africa.

Impala spokesman Bob Gilmour wasn’t immediately available for comment, while RBP spokeswoman Lindiwe Montshiwagae couldn’t immediately comment when Bloomberg reached her by phone.

“There could have been synergies for Impala,” Andries Theron, a portfolio manager at Standard Private Bank Equity Advisory Services, said by phone from Johannesburg today. It “looked like” Impala made an offer, given the statements.

Impala, based in Johannesburg, pared a 1.8 percent gain to close 0.2 percent higher at 193.90 rand at 5 p.m. local time. Anglo Platinum advanced 2 percent.

Royal Bafokeng, South Africa’s largest black-owned platinum miner, will proceed with a previous plan to list shares on the Johannesburg stock exchange in the final quarter of this year after shareholders decided against the offer, it said.

Rasimone, owned a third by Anglo Platinum, is located next to Impala’s Rustenburg operations. The underground mine is RBP’s main asset and yields about an annual 180,000 platinum ounces in concentrate, the company said Sept. 20. RBP is developing a 12 billion rand ($1.8 billion) project on the neighboring Styldrift farm that may raise the company’s production to 420,000 platinum ounces in concentrate a year by 2017.

Royal Bafokeng is the platinum business unit of the Bafokeng community of about 300,000 people in South Africa.

To contact the reporter on this story: Carli Lourens in Johannesburg at clourens@bloomberg.net;

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net.

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