The Darwendale project was expected to become the biggest mining venture in the country

Northam says takeover of Royal Bafokeng Platinum by Implats would be anti-competitive as it would concentrate significant mineral reserves with one company.

“Supply is fairly constrained and you will not see supply from mines growing in the near or medium-term future,” said the World Platinum Investment Council.

The exit of Vi Holding from Darwendale Platinum brings to an end 16-years of Russian involvement with the project.

As known resources are depleted and projected demand for key minerals increases, finding the next new deposits has become more urgent.

Development work on the Darwendale deposit began in early 2020, but operations at the project were soon halted because of a lack of capital.

The company sealed a five-year wage deal with some of the biggest labor unions in South Africa.

Traders are concerned about getting stuck with Russian-branded bars if they are unable to sell them.