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North American Palladium sale approved by shareholders

A South African company will be the new owner of the Lac des Iles mine.
North American Palladium and its Lac des Iles mine is being sold to a South African company (Tbnewswatch file)

TORONTO — Shareholders of North American Palladium Limited have approved the sale of the company to South Africa-based Impala Platinum Holdings.

The $1-billion transaction was announced in October.

NAP announced Wednesday that "96.69 per cent of the shares voted at the meeting [Wednesday] voted in favour" of the special resolution approving the deal.

The transaction is expected to close by the end of next week.

North American Palladium is the seventh-largest platinum producer in the world.

Impala Platinum Holdings is the third-largest producer.

The Lac des Iles mine, 100 kilometres north of Thunder Bay, employs about 500 people.