Northam Platinum has opened a competitive deal process after an unnamed rival approached the South African mining company about a possible asset or corporate transaction.
The approach places a business recently valued at approximately $7.6 billion (R122 billion) at the centre of a possible consolidation fight in the global platinum industry.
Northam said the original proposal was unsolicited, exploratory and non-binding. It came from what the company described as a major producer in South Africa’s platinum-group metals industry.
The company is now prepared to consider proposals from selected third parties and other credible interested companies.
However, Northam’s official announcement stressed that it had not decided to sell the group or any of its mines. There is also no preferred bidder or guaranteed transaction.
