Eastern Platinum has formed a special committee consisting of two independent directors, George Graham Dorin and Xin (Alex) Guan to investigate and review whistle-blower allegations of undisclosed related party transactions about the sale of chrome concentrate at discounted prices.
The company said the committee’s investigation is well underway, with information and documents obtained from management and interviews conducted with the chief executive and chief financial officer, respectively.
“Further, the committee is engaging an e-discovery specialist to conduct a document discovery of the company’s servers to ensure that the committee may review all relevant documents,” it said.
“Once this process is in place, the committee will assess the next steps.”
Eastplats owns, directly and indirectly, a number of Platinum Group Metals (PGM) and chrome assets in South Africa.
All of the company’s properties are situated on the western limb (Crocodile River Mine) and eastern limb (Kennedy’s Vale, Spitzkop Mareesburg) of the Bushveld Complex, the geological environment that hosts about 80% of the world’s PGM-bearing ore.
Operations at the Crocodile River Mine currently include re-mining and processing its tailings resource to produce PGM and chrome concentrates from the Barplats Zandfontein tailings dam.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
