jicminingBloomberg reports that platinum producers are severing ties with a services firm that accounts for the biggest share of profit at the controversial Gupta family’s investment company.  

The miners are ending, or not renewing, contracts with JIC Mining Services because it’s difficult to pay for their services after SA’s biggest banks closed accounts connected to Gupta-linked companies.  JIC has apparently lost a contract at Platinum Group Metals’ Maseve mine.  Also, Impala Platinum won’t consider JIC for future tenders if it can’t reinstate its banking facilities.  Spokesman Johan Theron said:  “We can’t pay people cash.  Service providers must have bank accounts.  If they want to tender for additional work without a bank account it would be problematic.”  Impala, which has worked with JIC for 20 years, has given the company time to resolve the issue.  JIC, which was bought by the Guptas in 2006, is still used by Royal Bafokeng Platinum, a spokesperson for the miner indicated. (Loosely translated from Afrikaans)


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