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Impala Platinum (OTCQX:IMPUY) (OTCQX:IMPUF) said Wednesday it has acquired a 9.26% stake in Royal Bafokeng Platinum from South Africa’s Public Investment Corporation, taking a controlling 55.46% stake in the smaller miner.
South Africa’s PIC “is a strategic shareholder and key stakeholder in the South African PGM industry, and its decision to sell to us strongly affirms the rationale of the Implats transaction, which is key to the long-term economic stability of the Rustenburg region,” Implats (OTCQX:IMPUY) (OTCQX:IMPUF) CEO Nico Muller said.
Implats (OTCQX:IMPUY) (OTCQX:IMPUF) is taking control of RBPlat after rival Northam Platinum withdrew its own bid last month after the two miners were locked in a battle for RBPlat since November.
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