https://www.miningweekly.com

Eastplats, HZT settle Crocodile River Mine dispute

24th November 2017

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

Font size: - +

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.

Edited by Creamer Media Reporter

Comments

Showroom

GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.083 0.123s - 133pq - 2rq
Subscribe Now