Today's Labour News

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VantageGoldfieldsBusiness Report writes that Lily Gold Mine business rescue practitioner Rob Devereux is disappointed at the collapse of talks to merge Vantage Goldfields and Canadian-based Galane Gold and revive production at the Mpumalanga operation.  

“The outcome is surprising and disappointing for Vantage and, despite the best efforts, the parties could not conclude the merger,” Devereux said on Thursday.  Galane, which owns the Galaxy mine, also in Mpumalanga, officially withdrew from the merger on 9 August.  Devereux indicated that there had been an urgent meeting with the Deputy Minister of Mineral Resources, Godfrey Oliphant, this week to find solutions.  As a way forward, it was agreed to engage with the Industrial Development Corporation (IDC).  Three Lily mineworkers remain trapped underground in a container following a massive accident in February 2016.  Vantage-owned Lily, and also its nearby Barbrook mine, were placed in business rescue after running into financial difficulties.


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