https://www.engineeringnews.co.za

Chinese firm hits Eastplats with civil claim

9th December 2016

By: David Oliveira

Creamer Media Staff Writer

  

Font size: - +

JOHANNESBURG (miningweekly.com) – China-based precious metals mining services provider Hebei Zhongheng Tianda Platinum (HZT) has filed a notice of civil claim against dual-listed Eastern Platinum (Eastplats) and several of its subsidiaries.

The civil claim, filed in Canada’s British Columbia Supreme Court, in Vancouver, relates to an alleged repudiation and breach of the share purchase agreement (SPA), dated June 28, which Eastplats’ former management entered into with HZT prior to the election of Eastplats’ new board of directors in July.

The SPA stipulates that HZT would acquire a 100% equity interest in Eastplats’ South African subsidiary, Barplats Mines, as well as associated intercorporate investments and loans for a total consideration of $50-million.

The civil claim calls for Eastplats to take action in terms of the agreement, or to pay damages in lieu of any action.

Eastplats said in a statement on Friday that it “intends to vigorously defend against the action and to refute many of the facts and allegations made in the claim.”

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 
M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.09 0.141s - 156pq - 2rq
Subscribe Now