Northam Platinum is loading debt onto its balance sheet, taking advantage of markedly higher prices for the metals it mines, to reduce its exposure to an expensive preference share falling due in May 2025.

In an empowerment deal in 2015, Northam put in place a complicated structure of preference shares held by newly created Zambezi Platinum. Every rand it spends now buying back the preference shares reduces the break-even price on the instrument and reduces its exposure to Zambezi’s liability...

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