Geographical diversification is a secondary consideration, but has its advantages.

Implats said the transaction would "reposition its portfolio and strengthen its competitive positioning in line with its stated strategy by acquiring a palladium-rich, operating asset in an established mining jurisdiction".

Under the DFS mine plan, first production is estimated in late 2023 with ramp-up to steady state by 2027.

The Bushveld Complex in South Africa hosts most of the global platinum-group element, chromium, and vanadium resources.

The company has completed a new resource estimate showing a 20% increase in contained palladium equivalent.