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Eastern Platinum signs tailings retreatment deal for South African facility

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Eastern Platinum signs tailings retreatment deal for South African facility

Eastern Platinum Ltd., together with its Barplats Mines Pty. Ltd. unit, signed an agreement with Union Goal Offshore Solution Ltd. for the retreatment of the tailings resource of the Barplats Zandfontein UG2 tailings facility, part of the Crocodile River mine in South Africa.

The agreement covers the construction, mining and processing of the tailings resource and the subsequent off-take of chrome concentrate from the project.

Under the deal, Union Goal will make an upfront payment of 42.2 million South African rand to Barplats. Barplats will recover project capital from Union Goal during the plant's operation at a rate of 25 rand per run of mine per tonne treated, with the latter paying fees of 31.17 rand per run of mine per tonne treated.

As part of the terms, the chrome circuit is subject to a 33-month deferred payment term in which Union Goal has a call option for the repurchase of the chrome circuit in the event either party is not satisfied with the agreed pricing upon establishing its operational capacity.