The southern African nation is experiencing daily power cuts lasting up to 18 hours after a severe drought reduced water levels at the country's biggest hydro plant.

The shiny metal has been declining in the previous years, and only recently did it show some decent strength.

At a production rate of 3.5 million tonnes a year, the Darwendale project will produce an average of 280,000 oz/y of PGM and gold at Phase 1.

The government estimates will produce 1.36 million ounces of platinum group metals by 2024,

The southern African nation sees the mining sector as the main driver for reviving an economy crippled by triple-digit inflation and high unemployment.

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".