adminJOHANNESBURG. — South Africa’s Impala Platinum Holdings Limited has raised R4 billion ($298 million) through the issue of new shares to fund the development of two shafts, it said on yesterday. The world’s second biggest producer of the metal used in the auto industry sold 102,6 million shares to institutional investors at R39 each, a 7,1 percent discount to the stock’s closing price on Tuesday.
Implats, along with rivals Lonmin and Anglo American Platinum, is recovering from last year’s record five-month strike that cost the industry billions in lost output, damaged the viability of some mines and led to job cuts.
The company said it would use the money to complete two shafts in Rustenburg, the epicentre of last year’s strike. The shafts contain cheaper to mine, higher grade ore. — Mineweb.
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