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2024
Platinum is discovered in in the Bushveld Igneous Complex and the first vertical shaft is developed. A major expansion takes place in Rustenburg to raise the capacity of the mine and match refining capacity.
Implats acquires an interest in Western Platinum and Eastern Platinum (collectively known as Lonplats) as Karee is merged into these entities. Impala Refining Services is established to capitalise on Implats’ surplus smelting and refining capacity.
Strategic acquisitive typifies this period of growth, with Implats buying the mineral rights to Marula, strategic stakes in Zimplats and Mimosa and entering into a joint venture to develop Two Rivers. The Group sells its stakes in Barplats and Lonplats.
Black economic empowerment (BEE) transactions are negotiated, with Implats finalising a BEE deal with Royal Bafokeng Holdings (Pty) Ltd (RBH).
PGMs entered a sustained period of low prices. The Group shifts its strategic focus from growth to cash preservation in a “lower for longer” strategy to respond to the low price environment.
PGM prices remain depressed. Impala Rustenburg embarks on a transition into a profitable and leaner operation given the low price environment, triggering job security concerns.
Implats redefines its vision, mission and strategy to position the Group as a “value over volume” producer, successfully restructuring Impala Rustenburg and returning it to profitability without the feared large-scale retrenchments. Higher rand prices produce tailwinds. The Group investigates the mechanised, shallow, palladium-rich Waterberg project.
Implats reinstates dividend payments on its operational turnaround, aided by the sustained higher price environment. The Group buys Canadian palladium producer, North American Palladium (now Impala Canada). Covid-19 impacts all operations. The Group retains its stake in Waterberg, opting out of increasing it.
The Group launched the proposed acquisition of Royal Bafokeng Platinum in November 2021, with an offer of R90.00 in cash and 0.3 Implats shares per RBPlat share. Implats was recognised in two categories at the South African MineSafe 2021 Tripartite Conference — “Best Safety Performance in the PGM” sector following several record Group safety achievements; and “Industry-leading Covid-19 Response by a Large Company”, in recognition of its extensive employee and community vaccination programme.
The Association of Mineworkers and Construction Union (AMCU) signs an historic five-year wage agreement with the Impala Rustenburg and Marula operations, providing a long period of certainty to employees, their dependents and communities. The Competition Tribunal approves the Royal Bafokeng Platinum transaction on 16 November 2022.
On 30 May 2023, Royal Bafokeng Platinum becomes a subsidiary of Implats after the Group’s shareholding crosses the 50% threshold. The mandatory offer closes on 21 July 2023, with Implats securing 98.91% ownership. On 18 September 2023, to mark Royal Bafokeng Platinum’s delisting from the Johannesburg Stock Exchange, Implats renamed the subsidiary Impala Bafokeng. PGM prices move into a downcycle, and the Group implements a comprehensive operational and expenditure response.
The acquisition of the remaining shareholding in Impala Bafokeng was concluded. The Group’s landmark broad-based black economic empowerment (B-BBEE) transaction at Impala and Impala Bafokeng was completed, broadening economic participation of key stakeholders in our mining and processing assets. Zimplats completed construction of the first 35MW phase of its 185MW solar power project – the Group’s first large-scale project towards meeting its decarbonisation targets.
In response to constrained PGM pricing, operational strategies for several assets were amended and a Group restructuring process commenced.
