Today's Labour News

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VantageGoldfieldsCity Press reports that on 28 November creditors of Vantage Goldfields’ Barbrook Mine reported business rescue practitioner Rob Devereux to the Companies and Intellectual Property Commission (CIPC), citing concerns over fraud and reckless trading.  

Barbrook is a sister operation of Lily Mine, outside Barberton, which is also owned by Vantage and which suffered a catastrophic collapse in February 2016.  Barbrook, the smaller operation, depended on Lily Mine to share costs.  Barbrook was placed under business rescue in December 2016, nine months after Lily Mine.  Operations at the two mines have been halted as they require a R300 million bailout.  Dwaine Koch, chairperson of the Barbrook creditors’ committee, said the creditors rejected Devereux’s optimistic business rescue plan, which he released early last year, as they found that it contained “flaws and uncertainties”.  One critical issue was that the social and labour plans were not captured in the rescue scheme.  Creditors for Barbrook and Lily mines have, meanwhile, also applied for provisional liquidation of the mines following Devereux’s failure to get new investors involved.  The liquidation application is scheduled to take place on 29 January.  

  • Read this report by Sizwe sama Yende in full at City Press

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