Nkwe Platinum Ltd, a wholly owned subsidiary of leading global mining company — the Zijin Mining Group, welcomes the decision of the Pretoria high court to grant its application for leave to appeal the judgment of the same court.
The judgment was handed down on the January 30 2024, and relates to an amalgamation transaction that was concluded in 2019.
The granting of Nkwe’s application marks a significant step forward in the court proceedings.
The main case was heard from January 31 to February 2 2023, and revolved around the validity of the amalgamation transaction that led to Zijin Mining Group acquiring a 100% shareholding in Nkwe Platinum Ltd.
Genorah contested the transaction, that required the consent of the minister of the department of mineral resources & energy, 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 judgment that ruled in favour of Genorah.
Nkwe's legal team considered the judgment and prepared an application for leave to appeal, which was filed on February 7 2024. The application was heard on the April 29 2024 by judge Selemeng Mokose; the same judge who previously ruled in Genorah's favour.
In Mokose's judgment handed down on July 23 2024, granting Nkwe Platinum leave to appeal to the Supreme Court of Appeal, the judge expressed that there were prospects that another court would come to a different conclusion.
Nkwe welcomes the court's decision and will be proceeding with an appeal in the Supreme Court of Appeal.
Nkwe remains confident that its presidential pledge, delivered at the 2023 SA Investment Conference, to invest R13bn into the Zijin Garatau Platinum Mine will materialise. Once fully operational, this investment will create about 2,500 jobs, underscoring the company's commitment to contributing significantly to the local economy.
Further updates will be provided.
This article was sponsored by Nkwe Platinum Ltd.
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