North American Palladium and Impala Platinum Announce Creation of Impala Canada
Mining News - Published on Thu, 19 Dec 2019
North American Palladium Ltd announced the successful completion of its previously announced plan of arrangement under the Canada Business Corporations Act with Impala Platinum Holdings Limited. Pursuant to the Arrangement, Implats has acquired 100% of the outstanding common shares of the Company for a total cash consideration of approximately CAD 1.0 billion. Upon completion of the Arrangement, NAP became a wholly-owned subsidiary of Implats. With the acquisition of NAP, Implats has strengthened its competitive position by adding the Lac des lies Mine to its asset portfolio. The low-cost Lac des lies Mine immediately boosts Implats' value and strengthens cash flow to advance its journey toward delivering sustainable shareholder returns. It also diversifies the group's production base with a palladium-rich operation in an established, low-risk mining jurisdiction. Going forward, NAP will operate in Canada under the name Impala Canada Ltd.
The former Chief Financial Officer of NAP, Tim Hill, has been appointed Chief Executive Officer of Impala Canada. The NAP corporate office in Toronto will become the regional office for Implats, while NAP's finance and exploration offices will remain in Thunder Bay, Ontario.
Source : Strategic Research Institute, SteelGuru