Impala Platinum, the world’s second biggest platinum producer, on Thursay forged ahead with its plans to create a “South African-controlled platinum champion” with a conditional $2.6bn offer for two companies that own some of the country’s richest veins of the metal.

The move to use a mix of cash and shares to buy the equity of Mvelaphanda Resources, which is controlled by a leading black-empowerment investment group, and Northam Platinum, a mid-tier miner, accelerates consolidation in a sector that has suffered drastic price declines recently.