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 provide an update on its dispute with Rand Refinery.
Further to the operational update on 11 December, in which Goldplat announced that Rand Refinery and Goldplat Recovery Limited ('GPL') had formally agreed on an arbitration process for the settlement of the dispute between the two parties, the Company is pleased to report that the parties have signed a Memorandum of Understanding ('MOU') regarding a proposed full and final Settlement Agreement. The MOU contains terms agreed to for inclusion in a Settlement Agreement, including agreement on an undisclosed amount to be paid by Rand Refinery to GPL in full and final settlement of the dispute. It is intended that the settlement be made the award in the ongoing arbitration process. Further details will be provided once the Settlement Agreement has been signed.
Gerard Kisbey-Green, CEO of Goldplat commented: 'We are very pleased to have been able to progress discussions with Rand Refinery to this point and to have agreed terms for a settlement of the dispute. While the proposed amount is less than the full amount claimed by us, we believe that the proposed settlement and expected consequent expeditious conclusion of the arbitration process will not only alleviate the time and costs of the agreed legal process and free up valuable management time, but it also will allow business between the two parties to resume on the basis of a fresh start with renewed energy and focus in all areas to further strengthen and build the long standing relationship that exists between the two companies.'
Tel: +27 (71) 8915775
(C) 2018 Electronic News Publishing, source ENP Newswire