JOHANNESBURG (miningweekly.com) – South Africa-focused Nkwe Platinum and Australian businessperson Tony Sage’s International Petroleum have settled their court proceedings, the platinum company reported on Friday.
International Petroleum filed a $45-million claim against Nkwe Platinum in January, alleging that the platinum company had failed to pay for the purchase of its 10% interest in the Tubatse project, on the eastern limb of the Bushveld Complex.
Nkwe had filed a counterclaim of $10-million.
However, Nkwe said that the companies had now settled on the basis that each party had agreed to its claim against the other being dismissed, with no order as to costs.