Northam Platinum has immediately withdrawn its takeover bid for Royal Bafokeng Platinum (RBPlat), potentially handing its bigger rival Impala Platinum (Implats) a fighting chance to lay its hands on the mid-tier platinum miner envied for its large, shallow and high-quality platinum group metals (PGMs).

Northam said late on Wednesday after the market close that it was pulling the plug on RBPlat because PGM basket prices have fallen significantly since its R17bn cash offer was made in December. ..

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