 JOHANNESBURG (miningweekly.com) – Canadian miner Barrick Gold would defend the court action instituted against it and platinum-group metals (PGMs) miner Platmin over the sale of Barrick’s 10% stake in the Sedibelo mine, on the Western Limb of South Africa’s Bushveld Complex.
In April, Barrick announced that it would sell its stake in the platinum project to Platmin for $15-million.
However, the company’s joint-venture partner in the project, the Bakgatla-Ba-Kgafela tribe, which held the remaining 90% stake in Sedibelo, had informed the Canadian company that it had exercised its right to prevent the disposal.
The tribe had also said that it had filed an action in the South African High Court against Barrick and Platmin.
“We believe that the right was not lawfully exercised and we will defend the action in court and seek confirmation of our rights pursuant to the arbitration provisions of the agreement between the parties,” stated Barrick.
The deal had been expected to be concluded by the second quarter of this year, but could not be closed owing to the tribe’s objections.
Platmin’s proposed $45-million acquisition of long-lead items required for the development of the Sedibelo project had also not been finalised.
|
|
