GOLDPLAT, the UK-listed gold recovery company, said it had settled a two-year long dispute with Rand Refinery after the refiner agreed to pay an undisclosed amount. The amount is short of the initial R13.5m Goldplat said it was owed.
The dispute was related to a batch of silver sulphide that Rand Refinery processed on a toll treatment basis for Goldplat. The latter said in 2016 it had not been paid the full amount of its invoices. Rand Refinery disputed the claim.
The parties have been slowly edging towards an agreement with the signing of a memorandum of understanding in January setting down the terms of the resolution, now completed. Arbitration had begun in December.
“This dispute has been very disruptive to the Goldplat Group,” said Gerard Kisbey-Green, CEO of Goldplat in a statement. “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,” he said.
