Possibly the most damning assessment of the old Maseve mine that nearly saw the demise of Canada’s PTM came from its new owner, Royal Bafokeng Platinum CEO Steve Phiri.

PTM had a carrying value for Maseve of $653m but had impaired it by $589m in 2017 to reflect the $74m RBPlats was prepared to pay for the concentrator and unprofitable, difficult mine.

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