Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – Tangible progress is being made towards the settlement of Aim-listed Goldplat’s dispute with Rand Refinery, with both parties having agreed to arbitration after a protracted period of negotiations.
Goldplat on Monday said the parties formally agreed on an arbitration process for the recovery of the fees owing and payable to its subsidiary Goldplat Recovery by Rand Refinery.
A retired Appeal Court judge has been appointed to act as arbitrator for the proceedings, which are set to get under way from June 25 to 29, 2018.
“We remain confident that this arbitration process will result in the full recovery of the amounts owed to Goldplat Recovery and the company will keep shareholders informed of progress,” Goldplat CEO Gerard Kisbey-Green said in a statement.
This followed the failure to resolve the long-standing dispute between the parties over a binding memorandum of understanding 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.