JSE-listed platinum group metals (PGMs) miner Northam Platinum says it will initiate a strategic, competitive process to proactively solicit proposals from interested parties for one or more potential transactions, with a view to maximising shareholder value.
This comes after it received an unsolicited, exploratory, nonbinding approach from a major producer in the South African PGM industry regarding a potential transaction with Northam involving an asset-level or a corporate transaction.
Northam’s share price on the JSE surged by more than 11% after announcing the development on August 25.
Northam stated in the August 25 cautionary announcement that its orebodies contain a premium metal basket, with significant loadings of platinum, rhodium, ruthenium, iridium and chrome.
The group’s operations predominantly target Upper Group 2 reef from the western and south-eastern limbs of the Bushveld Complex, which provides a competitive revenue basket advantage and adds to the attractiveness and long-term sustainability of the company.
