Eastplats, Barplats conclude Maroelabult Resource Property sale to Eland

22nd March 2022 By: Tasneem Bulbulia - Creamer Media Reporter

JSE-listed Eastern Platinum (Eastplats) and its subsidiary Barplats Mines have completed the sale of the Maroelabult resource property to Eland Platinum.

The sales agreement provided for the sale of the mining rights, immovable property, infrastructure and equipment of the Maroelabult resource property, located near Brits, in South Africa’s North West province, with Eland assuming all rehabilitation obligations related to the property.

A total cash consideration of R20-million (about $1.3-million) was received on March 9, after the transfer of legal title and various legal and regulatory obligations required in South Africa were completed.

Eland has assumed the care-and-maintenance costs and services of the Maroelabult assets since October 2019.

“Eastplats is pleased to close this transaction with Eland and to monetise Maroelabult. The company remains focused to advance its core assets, including restarting the Zandfontein underground at the Crocodile River mine (CRM) and continue to bring value to its stakeholders,” says Eastplats CEO Diana Hu.

The company owns, directly and indirectly, a number of platinum group metal (PGM) and chrome assets in South Africa. All of the company’s properties are situated on the western and eastern limbs of the Bushveld Complex, the geological environment that hosts about 80% of the world’s PGMs-bearing ore.

Operations at the CRM currently include re-mining and processing its tailings resource to produce PGM and chrome concentrates from the Barplats Zandfontein tailings dam.