Southern Africa is home to the world’s richest platinum deposits, but when Impala Platinum Holdings pondered how to invest its windfall profits it chose North America instead.
The acquisition of North American Palladium is partly a bet on platinum’s sister metal palladium continuing to rally, while Implats CEO Nico Muller has also stressed the appeal of a relatively quick payback from low-cost, mechanised assets. However, the deal is also a geopolitical play as the Johannesburg-based miner seeks to balance exposure to its more volatile home region.