Today's Labour News

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VantageGoldfieldsCity Press reports that the liquidation of Vantage Goldfields SA has been postponed for another two months to give the new company owners a chance to convince creditors that they are ready to reopen two Mpumalanga mines.  

Lily and Barbrook mines near Barberton were mothballed in 2016 and placed under business rescue after the entrance to the shaft of Lily Mine collapsed and buried three workers.  Barbrook, a smaller operation that relied on Lily Mine, was forced to shut down after experiencing financial distress when Lily Mine stopped operating following the disaster.  Creditors who are owed R139m approached the Pretoria High Court to liquidate the mines when it appeared that the business rescue practitioner was struggling to get a R300 million investment to reopen the mines.  The money was needed to open a new shaft at Lily Mine and also retrieve the bodies of Yvonne Mnisi, Pretty Nkambule and Solomon Nyerende.  Siyakhula Sonke Corporation (SSC) Flaming Silver SPV signed a R190m loan agreement with the Industrial Development Corporation last month to acquire a 74% stake in Vantage.  Despite this step, the creditors have remained unconvinced that the mines could be reopened and they have not withdrawn their application for liquidation.  The court postponed the matter to 31 July at the request of Vantage

  • Read this report by Sizwe Sama Yende in full at Fin24

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