Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
22 February 2018
Goldplat plc ('Goldplat' or 'the Company')
Final settlement of Rand Refinery dispute
Goldplat, the AIM quoted gold producer with international gold recovery operations located in South Africa and Ghana and a gold mine in Kenya, is pleased to announce that Goldplat Recovery (Pty) Limited ('GPL') and Rand Refinery have signed a Settlement Agreement in which Rand Refinery has agreed to pay GPL an undisclosed amount in full and final settlement of the dispute between the two parties.
On 11 December, Goldplat announced that Rand Refinery and GPL had formally agreed on an arbitration process for the settlement of the dispute between the two parties and on 12 January Goldplat announced that the parties had signed a Memorandum of Understanding outlining agreed terms to be included in a Settlement Agreement. Signing of this Settlement Agreement, which gives effect to the terms contained in the Memorandum of Understanding, brings to an end the ongoing dispute between the parties and opens the way for the revival of the long relationship with Rand Refinery which will continue, for the benefit of both parties.
Gerard Kisbey-Green, CEO of Goldplat commented: "This dispute has been very disruptive to the Goldplat Group. By agreeing on a settlement we have not only averted further costs and risks involved in the legal process, but will put an end to the extensive management time taken up by the process to date. We look forward to the resumption of business with Rand Refinery on the basis of a fresh start with renewed energy and focus in areas beneficial to both parties."
Gerard Kisbey-Green CEO Goldplat plc Tel: +27 (71) 8915775
Colin Aaronson / Daniel Bush Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
James Joyce / Jessica Cave WH Ireland Limited (Broker) Tel: +44 (0) 207 220 1666
Charlotte Page / Susie Geliher St Brides Partners Ltd (Financial PR) Tel: +44 (0) 20 7236 1177