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Impala Platinum (Implats) is clearing up one of its major problems in its corporate structure, through an R8bn transaction to fold its wholly owned Impala Refining Services (IRS) into its operating subsidiary. It is doing so because of regulatory pressures and to simplify its business. With many outsiders — and some insiders — working on the incorrect assumption that IRS housed the refining business in Springs, it was time to make the change by Impala Platinum, the 96%-held subsidiary of the listed company of the same name, buying IRS for R8bn, company spokesperson Johan Theron said. The R8bn would be a book entry between IRS and Impala and not change anything at the listed company level — certainly not its balance sheet, he said. IRS was a separately registered company and staffed by three people who scoured the world for platinum group metals. Essentially a toll refining business, IRS made money on the difference between the metal it sourced and the price charged by Impala for pro...

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