On June 14, Platinum Group Metals Ltd. reported that the High Court of South Africa delivered a judgment dismissing a challenge brought by Africa Wide Mineral Prospecting and Exploration Ltd., a subsidiary of Wesizwe Platinum Ltd., to the 2018 sale of the Maseve mine. In its judgment, the high court dismissed all of the claims for which Africa Wide contended and ordered Africa Wide to make payment of the defendants’ costs.
On November 23, 2017, definitive agreements were concluded to dispose of the share interests in Maseve Investments 11 (Pty) Ltd. to Royal Bafokeng Platinum Ltd. in a transaction valued at approximately $74 million.
In its ruling, the High Court found that Africa Wide had firstly failed to make its case on the evidence and secondly that, having failed to challenge the scheme under the companies act, Africa Wide’s case was statutorily barred.
“We are very satisfied to receive the judgment of the High Court in this matter,” Platinum Group CEO, Frank Hallam said. “This is the second formal dispute we have been subjected to by Africa Wide, and we are once again comforted by the fair, methodical and just functioning of the South African judicial system.”
Africa Wide had until July 6 to appeal the decision.