[miningmx.com] — The listing of Royal Bafokeng Platinum (RBPlat) is back on track after the group said on Monday it won’t pursue an earlier offer to sell its majority stake in Bafokeng Rasimone Platinum Mine.
The proposed listing, scheduled to take place before the end of the year, was put on hold at the end of September when RBPlat indicated it and Anglo Platinum received an unsolicited bid to acquire 100% of Rasimone. RBPlat holds 67% of Rasimone, with AngloPlat holding the remaining stake.
“The shareholders have decided not to pursue the offer,” read the RBPlat statement. “RBPlat confirms that it will continue with its plans to list on the main board of the securities exchange during the last quarter of 2010.”
Although the identity of the third party was never announced, Impala Platinum appeared to be interested bidder as it issued a cautionary notice on the same day RBPlat placed its intention to list on hold, stating it had “entered into discussions regarding a potential transaction”.
Impala also withdrew its cautionary on Monday.
The listing will see RBPlat raise capital to optimise operations at the Boschkoppie mine, which produced some 270,000 ounces of platinum group metals in 2009, and bring the R11.8bn Styldrift project into production by 2017.
