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A court settlement in 1999 with Impala Platinum Mining (Implats), the second-largest platinum company in South Africa, gave the Royal Bafokeng Nation a 22 percent royalty on all platinum taken from their territory and an ownership stake in Implats. The value of the Bafokeng's stake in Impala had tripled to more than $50 million by 2001.
In 1968, Implats entered into a prospecting accord with the Bafokeng tribe (now the Royal Bafokeng Nation) and obtained a lease for 12,000 ha of land, with production kicking off in July 1969. [ 5 ] During the 1970s, legislation introducing new vehicle emission standards worldwide, including those introduced and pursued in the U.S. by the ...
The Bafokeng mine is a large open pit mine located in the north-eastern part of South Africa in Rustenburg, North West. Bafokeng represents one of the largest platinum reserves in South Africa having estimated reserves of 47.9 million oz of platinum. [1] The mine produces around 171,000 oz of platinum/year. [1]
Impala Platinum Holdings Limited, 'Implats' mining; one of RSA's largest companies ... Royal Bafokeng Platinum Ltd: mining: bafokengplatinum.co.za: S. Symbol
He is a former member of the board of Impala Platinum Holdings (Implats), and now sits in the newly established Royal Bafokeng Holdings (RBH) as a non-Executive Director. RBH is a wholly owned Bafokeng company.
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South Africa is home to 80% of the world's known platinum reserves, and produces about 70% of the world's supply. [1] [2] Platinum prices have been flat since 2009 or so, due to weak demand for catalytic converters, the primary use of platinum in industry. [3] [4] Meanwhile, other costs have risen, putting pressure on the mining industry. [4]
An elevator accident occurred on 27 November 2023 at the Impala Platinum mine in Rustenburg, South Africa, when an ascending mine elevator fell 200 m down the number 11 shaft. [1] Thirteen miners were killed, 11 on the scene and two dying in hospital later, and 73 were injured. [ 2 ]