Platinum
Dual-listed platinum miner Eastern Platinum (Eastplats) has opposed a claim and has termed it as “frivolous” and “vexatious”.

The claim against Eastplats was filed in South Africa by Alpha Global Capital.

As previously disclosed in 2007 and thereafter, in connection with the company’s acquisition of an additional 5% interest in Barplats Investments (which indirectly holds the Crocodile River mine in South Africa), Eastplats International, a wholly-owned subsidiary of the company, entered into an agreement under which Alpha Global Capital was to receive R 30 797 464 upon the closing of a “fundamental transaction”.

Alpha Global is now seeking payment of and other relief in connection with that agreement.

Eastplats is of the view that no amount is currently owing to Alpha Global and as a result it is not entitled to any remedy in connection with its alleged claim.