Eastern Platinum has secured authorisation from the South Africa Competition Commission for Ka An Development to acquire common shares of the firm in accordance with the rights offering.
However, this is contingent upon the implementation of an employee share ownership scheme, which will hold a minimum of 5% of Barplats Mines, its SA subsidiary. It must be established within six months of the company achieving a constant state of specific run of mine tonnages for six consecutive months.
Eastplats possesses several chrome and platinum group metals (PGM) holdings in South Africa, both directly and indirectly.
Its whole portfolio of holdings is located on the eastern limb (Kennedy's Vale, Spitzkop, Mareesburg) and western limb (Crocodile River Mine) of the Bushveld Complex, the geological formation that accommodates around 80% of the world's PGM-bearing ore.
Presently, the Crocodile River Mine is engaged in the re-mining and processing of its tailings resource, which is utilized to extract concentrations of platinum group metals (PGM) and chrome from the Barplats Zandfontein tailings dam.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
