A district court in the USA has ordered a US recycling company to pay Platinum producer, Impala Platinum, $210 million as a compensation for default on payments, Impala Platinum, the world’s second biggest platinum producer, said in a statement.
The district court confirmed an award from the London Court of International Arbitration that ordered platinum group metals recycler A1 Specialised Services and Supplies Limited to pay Implats the full amount sought, said the company.
A1 stopped delivering scrap platinum metals to the refining arm of the world’s second biggest platinum producer when the US company went into default after the economic crash of 2008.
It has been a three year marathon for Implats. The company will have relief that the Implats began court proceedings against A1 in 2013.
At the time when the lower-than-sustainable global commodities demand has affected the revenue of most mining companies, the money is a boost to Impala Platinum earnings, which has not been spared.
Information: News24 Wire