Eastplats, HZT settle Crocodile River Mine dispute
JOHANNESBURG (miningweekly.com) – JSE- and TSX-listed Eastern Platinum (Eastplats) and China-based precious metals mining services provider Hebei Zhonghen Tianda Platinum (HZT) have reached a settlement agreement over the disputed 2016 Crocodile River Mine (CRM) share purchase agreement.
The settlement terminates the share purchase agreement, dismisses the litigation initiated by HZT and removes any further obligations for both parties.
In addition, the agreement releases the relevant break-free escrow funds, less a $420 000 payment by Eastplats to HZT.
“I am pleased to settle this litigation, confirming our ongoing ownership of CRM, refunding over $4.5-million of our escrow funds and allowing Eastplats to further focus on our development and project work,” Eastplats CEO Diana Hu said on Friday.
This followed the August notice from HZT to terminate, on the basis of breach or default, the share purchase agreement for Eastplats’ South Africa subsidiary Barplats Mines, as the Chinese firm sought to break free from the escrow and break-fee funds being held by an independent escrow agent.
The June 2016 share purchase agreement has been an area of contention for more than a year, after Eastplats, following the election of a new board in July 2016, had reviewed several agreements and transactions entered into by the former board of directors, including the proposed sale of Barplats Mines, which holds CRM, to HZT for $50-million.
HZT had sought to enforce the share purchase agreement through litigation.
Barplats’ shareholders in February rejected the deal.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
At Airshrink - CiP, we surpass customer expectations with innovative MV and LV cable accessories, including heat shrink joints, terminations,...
VISIT SHOWROOM
AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
