Eastplats, Implats confirm provisional payment terms on offtake agreement

15th January 2021 By: Marleny Arnoldi - Creamer Media Online Writer

TSX- and JSE-listed Eastern Platinum’s (Eastplats’) subsidiary Barplats Mines has confirmed the provisional payment terms of the first delivered shipment of pressed filter cake platinum group metals (PGMs) concentrate under an offtake agreement between Barplats and Impala Platinum (Implats).

These terms confirm the restart of PGMs revenue for Eastplats after it was solely reliant on chrome tailings retreatment revenue from the Crocodile River mine. 

Eastplats last year completed refurbishment on a small-scale PGMs circuit and restarted it during the third quarter. The company then generated about 134 t of pressed filter cake PGMs concentrate of which about 32.18 t was delivered under the offtake agreement with Implats.

Eastplats plans to use the proceeds from an ongoing rights offer to further upgrade the circuit and refurbish the existing main PGMs facility, thereby expanding its PGMs processing capacity and potential revenue sources.

Eastplats produced 987 003 t of chrome concentrate last year and was able to deliver 960 776 t to offtaker Union Goal Offshore Solutions.