Today's Labour News

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VantageGoldfieldsBusiness Report writes that Australian mining company Vantage Goldfields is involved in merger talks with the Canadian-listed Galane Gold in a bid to reopen the Lily Mine in Barberton, Mpumalanga  

Three mine workers remain missing after being trapped underground in a container at the mine.  Business rescue practitioner Rob Devereux indicated on Wednesday that documents for the merger were "just about signed", which would pave the way for the embattled mine to resume operations.  Once the merger is concluded, Galane would have 100 days to raise R200m through a placement on the Toronto Stock Exchange.  The funds are expected to flow in October, with R130m to be allocated for the development of the mine, and the balance to be used to pay creditors and the outstanding salaries of employees.  Vantage owns Lily and the Barbrook Mine, which were mothballed and placed in business rescue after they ran into financial difficulties in 2016.  Lily Mine has honoured its commitments to the families of the three missing mineworkers, Yvonne Mnisi, Pretty Mabuza and Solomon Nyarenda, after they received R200,000 each.


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