Eastplats subsidiary receives summons over mine project agreement
Platinum group metals (PGMs) miner Eastern Platinum’s (Eastplats’) South African subsidiary Barplats Mines has received a combined summons from ABT Toda in relation to ongoing arbitration between Advanced Beneficiation Technologies (ABT) and Barplats.
The summons was filed with the High Court of South Africa (North West Division) by ABT Toda.
Barplats is currently engaged in a confidential arbitration process with ABT to resolve a dispute between the parties regarding the termination of a project framework agreement for the development and construction of a modular plant to process PGMs from the tailings re-deposited from the retreatment project at a designated area of the Zandfontein tailings dam situated at the Crocodile River Mine (Circuit H project).
There were several milestones required under the agreement to complete and establish the Circuit H project, including a joint venture agreement between Barplats and ABT, financing agreements and offtake agreements for the project.
None of these agreements were concluded prior to the termination of the agreement.
Eastplats says it understands that ABT Toda is ABT’s intended nominee to hold its interest in the joint venture.
The company will seek advice and make a recommendation on the appropriate action.
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