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Implats raises R4bn through share placement

Johannesburg - Impala Platinum [JSE:IMP], the world’s second-biggest producer of the precious metal, raised about R4bn through a share sale.

The company placed 102.6 million shares at R39 each less, than Tuesday’s closing price, Impala said in a statement on Wednesday. The stock represents about 16% of the producer’s issued ordinary share capital before the placement.

Impala is raising the money as margins for the world’s largest platinum producers have been squeezed by a 51% decline in the price of the metal since August 2011. The company said last month it will close shafts and cut jobs to preserve cash and that it expects the metal’s price to remain “lower for longer.”

The proceeds will go towards completing two shafts at Impala’s Rustenburg operation over the next three years, it said on Tuesday. The placing was underwritten by UBS Group AG.

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