Platinum Group Metals (PGM) major Implats’ purpose is to create a better future. To achieve this, our strategic objectives are designed to guide our actions to create and share value with all our stakeholders over the long term, through the metals we produce, the way we do business and by delivering superior business and financial performance. 

A competitive asset portfolio is a core strategic advantage and our acquisition of Royal Bafokeng Platinum (RBPlat) – now called Impala Bafokeng — was undoubtedly the highlight of 2023. 

The Group launched the proposed acquisition of RBPlat in November 2021, with an offer of R90.00 in cash and 0.3 Implats shares per RBPlat share. The Competition Tribunal approved the transaction on November 16, 2022, and the mandatory offer closed on July 21, 2023, with Implats securing 98.91% ownership. The compulsory acquisition of the residual shareholding, in terms of section 124(1) of the Companies Act (71 of 2008) as amended, was effected on September 14, 2023. 

On September 17, 2023, to mark RBPlat’s delisting from the Johannesburg Stock Exchange, Implats renamed its newest subsidiary Impala Bafokeng and rebranded it with the distinctive Impala logo by which all Implats Group companies are identified. 

This journey began with a shared vision — to align the strengths and specific attributes of the two companies to create a more formidable, competitive and resilient operating presence on the Western Limb of the PGM-rich Bushveld Complex for the benefit of our shared stakeholders specifically, and the South African platinum group metals sector generally.

Securing outright ownership of the asset marked an important milestone, after a process that was lengthy and contentious. The acquisition enables sustainable socio-economic benefits for the Rustenburg region and its communities and unlocks significant value from the neighbouring operations and contiguous orebodies at Impala Rustenburg. 

The combined asset base represents the dominant resource and production base in the Rustenburg region and it is further differentiated by the quality of its well-capitalised, long-life operating assets, 

which include the Group’s competitive smelting and refining infrastructure.

Impala Bafokeng neighbours the Impala Rustenburg operations, allowing the Implats Group to realise meaningful synergies from the merger, to benefit all stakeholders. Together, the two assets will sustain enhanced life-of-mine activity, reduce mining depth, increase the proportion of mechanised mining, and enhance the metal mix and exposure to the Merensky Reef. Operational synergies include concentrate offtake and refining in South Africa, improved metallurgical recovery and, in the longer term, Implats will scope and execute plans that optimise shared overhead costs across both assets and seek to extend the production output of the combined asset base. 

During the lengthy period of uncertainty associated with the corporate action to acquire the asset, Impala Bafokeng’s operational performance lagged expectations and potential. With the new executive lead for Impala Bafokeng, Grant Magano, the Implats technical team is providing support, guidance and oversight to address milled throughput and processing constraints at the Impala Bafokeng concentrators and ramp up mined volumes from Styldrift. Volume gains at Impala Bafokeng are vital to offset inflationary pressures. 

In addition, the Group will optimise, finalise and implement the scope of projects aimed at extending life-of-mine at Impala Rustenburg’s 20 and 6 shafts, which are adjacent to Impala Bafokeng, and rationalise the current royalty regimes covering current ore extraction from the Impala Bafokeng lease area. 

In the medium term, the Group plans to execute projects aimed at optimising the processing infrastructure across both operations to ensure installed milling capacity and processes maximise recoveries and efficiencies and capture the latent revenue potential of in situ chrome resources. Implats has signalled its intent to trigger and transfer the right to beneficiate 50% of the Impala Bafokeng concentrates produced. This will likely occur from 2027 owing to contractual agreements currently in place, and will use part of the Group’s planned increase in smelting and refining capacity, currently in execution.

The uncertain macro-economic environment and the recent material decline in dollar PGM pricing has heralded a period of rapid margin compression across the sector, which requires decisive action and focus to preserve business sustainability. Our focus is to continue doing what we do best – delivering consistent and safe production, constructively collaborating with our key stakeholders and further entrenching operational agility and flexibility in our pursuit to create a better future.