Business
RBPlat: Maseve failure was a massive fillip for Styldrift
Bought for a song, unprofitable Maseve’s underground infrastructure opens up Styldrift deposits to RBPlat
The most damning assessment of the old Maseve mine that nearly saw the demise of Canada’s PTM came from its new owner, Royal Bafokeng Platinum (https://www.sharenet.co.za/v3/quickshare.php?scode=RBP)’s CEO Steve Phiri.
PTM had a carrying value for Maseve of $653m but had impaired it by $589m in 2017 to reflect the $74m RBPlat was prepared to pay for the unprofitable, difficult mine.
The destruction of value is breathtaking...
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