JOHANNESBURG (miningweekly.com) – Aim-listed Goldplat has entered into a memorandum of understanding (MoU) with Rand Refinery regarding a proposed full and final settlement agreement over long-outstanding fees owing and payable to its subsidiary, Goldplat Recovery, by Rand Refinery.
The MoU, which followed the parties’ agreement on an arbitration process to settle their protracted dispute, contains terms agreed to for inclusion in an agreement, including agreement on an undisclosed amount to be paid by Rand Refinery, in a full and final settlement of the dispute.
“While the proposed amount is less than the full amount claimed by us, we believe the proposed settlement and expected consequent expeditious conclusion of the arbitration process will not only alleviate the time and costs of the agreed legal process and free up valuable management time, but it also will allow business between the two parties to resume on the basis of a fresh start with renewed energy and focus in all areas to further strengthen and build the long-standing relationship that exists between the two companies,” Goldplat CEO Gerard Kisbey-Green said in a statement.
The long-standing dispute between the parties was over a binding MoU for the processing of a batch of silver sulphide material.
In April, Goldplat said the ultimate recovery amount was in the range of R13.5-million.