Today's Labour News

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VantageGoldfieldsCity Press reports that the business rescue practitioner of Lily Mine, Rob Devereux, has been retained in his position, but is now working with another expert.  

Siyakhula Sonke Corporation (SSC), the new controlling shareholders of Vantage Goldfields SA, had given Devereux an ultimatum to resign or face being pushed out through a court application following dissatisfaction by the Barbrook creditors’ committee and SSC.  Devereux said he appointed business rescue practitioner Daniel Terblanche to work with him because SSC chief executive Fred Arendse would not work with him any longer.  Barbrook’s chairperson, Dwaine Koch, said that they were in favour of Devereux being retained because he possessed knowledge about the business rescue process of mines.  He advised that the creditors’ committee had suspended its liquidation application because of Terblanche’s pending appointment.  According to Koch, Terblanche has a good reputation.  The committee had expressed doubt that SSC had received R190 million from the Industrial Development Corporation (IDC) and demanded proof.  The IDC has confirmed granting the loan.  The Lily and Barbrook mines were shut down and placed under business rescue in 2016 after an entrance to the Lily Mine collapsed and buried three workers underground.  A total R310 million is needed to reopen the mines.

  • Read Sizwe Sama Yende’s full report on this story at City Press

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