JOHANNESBURG (miningweekly.com) – JSE-listed Bauba Platinum on Friday said an agreement had been reached that will see the company recoup R15-million of debt previously thought to be unrecoverable through the resale of recovered product.
The debt owed by an undisclosed party had followed the delivery of 20 000 t of chrome ore shortly before the party went into business rescue.
Bauba had made provisions for the “doubtful debt” in its results for the six months to June 30, before “vigorous legal action” led to an agreement that entitled the company to recover about 17 300 t of its chrome ore product.
“Bauba will now proceed to solicit buyers for the product and once sales are concluded, remove such product from the debtor’s premises, with the sales proceeds thereof to be offset against the approximate R15-million outstanding and due to Bauba,” the company assured.
Any shortfall will remain part of Bauba’s concurrent claim against the debtor.