Canadian judge dismisses Eastplats directive action petition
A Supreme Court of British Columbia judge has dismissed a petition by a shareholder of Vancouver-based platinum junior Eastern Platinum (Eastplats) seeking leave to start a derivative action against current and former directors of the company.
The derivative action, which is usually brought by a shareholder on behalf of a company against directors, was sought by 2538520 Ontario Limited.
The judge dismissed the appeal with costs, but allowed a limited period in which an appeal may be lodged.
The derivative action relates to 2018 transactions between Eastplats and Union Goal Offshore Solutions. The agreement provided for the construction, mining and processing of the tailings resource, and the subsequent offtake of chrome concentrate, from the Barplats Zandfontein UG2 tailings facility, located at the Crocodile River Mine, in South Africa.
Under the agreement, Union Goal financed and supplied to Barplats the chrome processing circuit, related technology and know-how, while Barplats developed the retreatment project and is now mining and operating it too.
Operations at the retreatment project began in December 2018 and are continuing to ramp up, with full capacity anticipated in the third quarter of this year.
The company earned revenue from the retreatment project of $15.8-million in the first six months of 2019.
“The company is pleased with the court's ruling and looks forward to furthering its retreatment operations and other opportunities in South Africa," CEO Diana Hu commented in a statement on Thursday.
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