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Eastplats Announces an Agreement With Union Goal Offshore Solution Limited to Construct, Mine, Process and Recover Chrome Concentrate from the Barplats Zandfontein UG2 Tailings Facility
Eastplats Announces an Agreement With Union Goal Offshore Solution Limited to Construct, M...
About this update from Eastern Platinum Limited
[{"type":"text","content":"\n\n\n\nEastplats Announces an Agreement With Union Goal Offshore Solution Limited to Construct, Mine, Process and Recover Chrome Concentrate from the Barplats Zandfontein UG2 Tailings Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 5, 2018\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/\n\nTrading Symbol: ELR (TSX); EPS (JSE)\n\n\n\nVANCOUVER, March 5, 2018 /CNW/ - Eastern Platinum Limited (\"Eastplats\" or the \"Company\") and its subsidiary Barplats Mines (Pty) Limited (\"Barplats\") are pleased to announce they have entered into an agreement (the \"Agreement\") with Union Goal Offshore Solution Limited (\"Union Goal\"). The Agreement provides for the construction, mining and processing of the tailings resource, and the subsequent offtake of chrome concentrate from, the Barplats Zandfontein UG2 tailings facility (\"Retreatment Project\") located at the Crocodile River Mine in South Africa.  \n\nUnion Goal will finance and supply to Barplats the chrome processing circuit, related technology and knowhow (the \"Chrome Circuit\") while Barplats will develop, mine and operate the Retreatment Project. The Chrome Circuit is designed to improve on recoveries of chrome concentrate compared to traditional technology which could expand available resources for mining and processing. The estimated capital requirements for Barplats are R164 (US $14.0) million which are expected to be funded from cash on hand, the upfront project payment from Union Goal described below and revenue from the Retreatment Project. The parties have pre-sourced equipment and the construction phase is estimated to be seven-months. Eastplats anticipates the Retreatment Project will result in revenue producing operations, through offtake of the chrome concentrates produced to Union Goal, when production commences during 2018.\n\nHighlights\n\nThe Agreement provides, amongst other matters, for the following:\n\n\nan upfront payment of R42.2 (US $3.6) million payable to Barplats from Un...