Today's Labour News

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jicminingBloomberg reports that a mining contractor owned by the Gupta family has been put into liquidation, according to persons with knowledge of the matter.  

Westdawn Investments, which does business as JIC Mining Services, apparently has debt of almost R60m.  The company seemingly received a liquidation letter on Friday from a liquidator appointed by the High Court.  Kal Tire Mining, which JIC owes R900,000, apparently brought the application.  About 800 people stand to lose their jobs and CEO Jagannath Arora will leave the country to return to India, said a source.  In 2017, JIC did work on the Maseve concentrator plant, which belonged to Platinum Group Metals at the time.  The producer of the precious metal paid for the services, but JIC’s suppliers and debtors have reportedly not been reimbursed.  JIC’s parent company, Oakbay Investments, is said to be setting up new offices and will trade as MJ Mining.  Members of the Gupta family, who had close ties with former president Jacob Zuma, have resigned from management positions in the companies they controlled.

  • Read the original in full of this report by Loni Prinsloo at Fin24

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