Eastplats confirms probe into Crocodile River Mine deal
CAPE TOWN – Eastern Platinum on Thursday confirmed that a transaction announced by the company’s former management regarding the sale of the Crocodile River Mine was being investigated.
The management team was overthrown in early July by dissident shareholders a day after announcing the transaction. Another day later the new management found that the acquisition had been completed and the amount of approximately $13.37-million had been paid out.
A statement on Thursday from the mining company that is listed in Toronto and Johannesburg said the new management were reviewing all related transactions and would update shareholders in due course.
In a separate filing on Thursday, KA AN Development Company, the Hong Kong-based investor that lead the boardroom coup, announced that it had built its shareholding in Eastplats to almost 25%.
KA AN said it had paid Harrington Global Opportunities Fund $9.5-million on August 5 for a block of shares that took its shareholding of 13.79% in Eastplats to 23.89%.
Also on Thursday, Eastplats said Diana Hu, an executive with more than 20 years’ experience in the global mining and metals industry, had been appointed CEO. The board thanked Peter Clausi for his contribution as interim CE.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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