First chrome concentrate shipped from Eastplats subsidiary’s retreatment facility
Dual-listed Eastern Platinum’s (Eastplats’) Barplats Mines subsidiary has shipped the first 10 000 t of chrome concentrate from its newly built Zandfontein Upper Group 2 tailings chrome retreatment facility in South Africa’s North West province.
The retreatment facility is being commissioned, TSX- and JSE-listed Eastplats said in a statement on Monday.
Further, Eastplats has formally filed its response to a petition filed with the Supreme Court of British Columbia, in Canada, in November 2018. Eastplats is seeking the dismissal of the petition, as well as special costs against the petitioner.
Eastplats shareholder 2538520 Ontario Limited had filed the petition seeking the court’s approval to start a derivative action against certain current and former Eastplats directors in relation to the approval of transactions entered into between Eastplats and Union Goal Offshore Solutions.
This followed after Eastplats and Barplats in March 2018 entered into an agreement with Union Goal for the construction, mining and processing of the Zandfontein tailings resource and the offtake of chrome concentrate from the Zandfontein tailings facility.
Meanwhile, the company also announced on Monday that Alpha Global Capital has filed a notice of withdrawal in relation to its claim against Eastplats.
Alpha Global in early 2017 filed a claim, seeking payment of “and other relief” following a 2007 agreement that resulted in Eastplats acquiring a further 5% interest in Barplats.
Eastplats, at the time, denied that any funds were due to Alpha Global and said on Monday that it would seek to recover from Alpha Global a portion of the costs the company has incurred in responding to the claim.
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