Impala Platinum (Implats) will be paid $201 million by a U.S. recycling company to compensate for years of defaulted payments, the South African mining company said on Wednesday.
A United States 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, a statement from the South African firm said.
A1 stopped delivering scrap platinum metals to the refining arm of the world’s second biggest platinum producer when the U.S. company went into default after the economic crash of 2008. Implats began court proceedings against A1 in 2013.
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(Reporting by Zandi Shabalala; Editing by James Macharia)