JOHANNESBURG (miningweekly.com) – China-based precious metals mining services provider Hebei Zhongheng Tianda Platinum (HZT) has filed a notice of civil claim against dual-listed Eastern Platinum (Eastplats) and several of its subsidiaries.
The civil claim, filed in Canada’s British Columbia Supreme Court, in Vancouver, relates to an alleged repudiation and breach of the share purchase agreement (SPA), dated June 28, which Eastplats’ former management entered into with HZT prior to the election of Eastplats’ new board of directors in July.
The SPA stipulates that HZT would acquire a 100% equity interest in Eastplats’ South African subsidiary, Barplats Mines, as well as associated intercorporate investments and loans for a total consideration of $50-million.
The civil claim calls for Eastplats to take action in terms of the agreement, or to pay damages in lieu of any action.
Eastplats said in a statement on Friday that it “intends to vigorously defend against the action and to refute many of the facts and allegations made in the claim.”