Royal Bafokeng Platinum has turned down an unsolicited offer for its Bafokeng Rasimone platinum mine, it emerged yesterday (11th October).

The company delayed its plans to list on the Johannesburg Stock Exchange (JSE) last month after receiving a bid for the facility, thought to be from Impala Platinum.

However, the bid has been dismissed by its two main shareholders and the subsidiary of Royal Bafokeng Nation will now press ahead with the proposed listing.

"We have one of the most valuable assets in the Bushveld Complex, and we are not desperate to make deals," Chief Executive Steve Phiri told Mining Weekly.

"Our focus will now be on listing the company by the end of this year, to unlock additional value for our shareholders."

Impala Platinum, in which Royal Bafokeng Nation owns a 13 per cent stake, released a statement announcing that unspecified negotiations had been terminated.

Royal Bafokeng Platinum is planning to list on the JSE in order to acquire extra funds to develop its R11.8 billion Styldrift project, which is set to come into production in 2017.

Styldrift is expected to achieve full output of 200,000 oz, while last year, the Bafokeng Rasimone mine produced 270,000 oz pgm 4E (platinum, palladium, rhodium and gold).

The Bafokeng Rasimone mine is 67 per cent-owned by Royal Bafokeng Platinum, with Anglo Platinum, the world's largest producer of the metal, taking up the remaining share.

Sources:

2nd Royal Bafokeng Platinum Going Ahead With Listing (11/10/10)

RBPlat turns down offer for mine, pushes ahead JSE listing plans (11/10/10)

DJ Impala Platinum Says Transaction Negotiations Terminated (11/10/10)

Angloplat Says Talks To Sell Bafokeng Mine Terminated (11/10/10)

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