(Bloomberg) Impala Platinum Holdings Ltd. is in talks to buy land in Zimbabwe from rival Anglo American Platinum Ltd. as the world’s second-biggest producer of the precious metal seeks to boost output from the southern African country, according to people familiar with the negotiations.
The purchase of the claims by the Mimosa mine, which is jointly owned by Impala and Sibanye Gold Ltd., could be finalized by the end pf the year, according to the people who asked not to be identified because the discussions aren’t public.
Impala and Amplats mine most of their platinum group metals in neighboring South Africa, which has the world’s biggest reserves of platinum. But Zimbabwe’s deposits, second only to South Africa’s, are shallower and therefore cheaper to mine.
Amplats’s Unki mine has two properties adjacent to Mimosa. “We are considering various options with regards to the mining of these claims,” Colin Chibafa, Unki’s chief financial officer, said in a written response to questions. “A decision in this regard is expected soon.”
Fungai Makoni, the managing director of Mimosa, confirmed Impala was negotiating with “another entity,” but declined to give further details. “Due to contractual obligations we can’t disclose the terms and the entity at this stage until we have finalized with them,” he said in an interview.
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