Nkwe Platinum Limited is pleased to announce that the Pretoria High Court has granted its application for leave to appeal the judgement of the same court, which was handed down on the 30th of January 2024, and relating the amalgamation transaction that was concluded in 2019. The granting of Nkwe’s application for leave to appeal marks a significant step forward in the court proceedings.
The main case, which was heard over three days from January 31 to February 2, 2023, revolved around the validity of the amalgamation transaction, which led to Zijin Mining Group acquiring a 100% shareholding in Nkwe Platinum Limited. Genorah Resources contested that the transaction required the consent of the Minister of the Department of Mineral Resources (DMR), alleging that the absence of this consent rendered the transaction void and resulted in Nkwe’s (74%) undivided share in the mining right lapsing.
On January 30, 2024, the Pretoria High Court delivered a judgement that surprisedly ruled in favour of Genorah Resources. Our legal team diligently considered the judgement and prepared an application for leave to appeal, which was filed on February 7, 2024. The leave to appeal application was heard on the 29th of April 2024, by the same judge who previously ruled in favour of Genorah. In her judgement handed down on22 July 2024, granting Nkwe Platinum leave to appeal to the Supreme Court of Appeal, Judge Mokose expressed that there were prospects that another court would come to a different conclusion.
Consequently, Nkwe Platinum Limited welcomes the decision in the application for leave to appeal and will be proceeding with an appeal in the Supreme Court of Appeal.
Nkwe Platinum Limited remains confident that its Presidential Pledge, at the 2023 SA Investment Conference, to invest R13 billion into the Zijin Garatau Platinum Mine, situated in Limpopo, will materialise. Once fully operational, this investment will create approximately 2,500 jobs, underscoring our commitment to contributing significantly to the local economy.
Further updates will be provided as the matter progresses.