Impala Platinum (Implats) maintained its more than a decade-old determination to buy Royal Bafokeng Platinum (RBPlat), making an offer on Monday that values the smaller mining company at more than R43bn and raising the slim prospect of a bidding war with Northam Platinum.

Implats, the world’s third-biggest platinum miner, has been pursuing RBPlat for more than a decade, seeing an opportunity to own low-cost, mechanised shafts and to extend the life of its own deep-level operations in Rustenburg...

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