The Competition Appeal Court has denied Northam further intervention rights in the merger hearing for Impala Platinum's acquisition of a sizeable stake in Royal Bafokeng Platinum.
The court confirmed in a judgment handed down on Monday that Northam's intervention rights in the matter remained limited to two theories of harm, as reflected in the Competition Tribunal order.
In a statement on Tuesday afternoon, Impala Platinum said the judgment further clarified Northam's rights as an intervening party to access parts of the Commission’s merger record, to make application to the Tribunal for the production of relevant documentation at the merger hearing, and to call witnesses in relation to the limited grounds.
Northam holds a 35% stake in Royal Bafokeng Platinum, with ambitions to own more. Impala Platinum, meanwhile, has acquired almost 40% through an open offer to all RBPlat shareholders as it progresses plans to gain control of the company.
The Competition Tribunal had granted Northam rights to intervene in the merger hearing on two aspects. These are: the vertical effects of the proposed merger, including the effect on competition in the local upstream market for the production and sale of primary concentrate; and the extent to which the merger effects could be prejudicial to junior miners.
Northam had appealed this decision, hoping to gain broader intervention rights.
The merging parties have meanwhile accused Northam of only wanting to delay proceedings.
Implats said it had on Tuesday requested a pre-hearing for the purposes of the Tribunal determining the further conduct of the merger hearing. "Implats will have more certainty on the timing of the completion of the Tribunal’s hearing into the merger following the receipt of the Tribunal’s directives in this regard," the miner said.