Foreign acquisition South Africa-based Impala Platinum has announced it entered into an agreement to acquire Canada’s platinum group metals producer North American Palladium for about US$758 million.
North American Palladium “wholly owns and operates the Lac des Iles Mine … northwest of Thunder Bay, Ontario, Canada and also has an ownership in two Canadian exploration properties, the Sunday Lake Project and Shebandowan Joint Venture,” Impala Platinum said in a statement. Lac des lles “is on track to meet its CY 2019 production guidance of 220,000 to 235,000 ounces of palladium at an AISC of US$785 to US$815 per palladium ounce produced.”
The South African platinum business says it has an existing relationship with North American Palladium that dates back to June 2017 through the Sunday Lake project, located 60 kilometers of Lac des Iles.