Today's Labour News

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VantageGoldfieldsBusiness Report writes that Rob Devereux, business rescue practitioner of the Lily and Barbrook mines, is considering placing the mines under liquidation.  

He charges that the new mine owners have failed to produce proof of the funds required to resume the operations.  Devereux has alleged that Flaming Silver Trading cannot prove its financial muscle three years after three Lily mineworkers were buried in a container when the mine entrance collapsed.  Black-owned Flaming Silver, a subsidiary of Siyakhula Sonke Empowerment Corporation (SSC), acquired the mines from Australia’s Vantage Goldfields, which had placed them business rescue - resulting in about 1,000 workers losing their jobs.  The Department of Mineral Resources apparently awarded Section 11 approval transferring the ownership of Lily to Flaming Silver from Vantage last month.  Devereux indicated:  “We have written to Vantage because we want confirmation that SSC has funding in place and Section 11 approval has been granted by the regulators.  We have neither seen the Section 11 approval nor funding, and we have asked for proof on numerous occasions.”  Fred Arendse, SSC chief executive, blamed Devereux for leading a campaign to undermine the company, saying allegations that Flaming Silver failed to prove it had acquired the funds were false.

  • Read Dineo Faku’s report on the above in full at Business Report
  • Read too, SSC’s Arendse alleges Barbrook, Lily mines of Vantage Goldfields ‘captured’ by the BRP, at Miningmx

Get other news reports at the SA Labour News home page